Thursday, 31 July 2014
Last updated 55 min ago
Feb 11 2011 | 8:21am ET
Carl Icahn has once again extended his $665 million tender offer for energy company Dynegy Inc., in spite of the fact that the first extension persuaded almost no new shareholders to sign up.
The Icahn Enterprises chief is now giving Dynegy investors until Valentines Day to make their decision; the bid was first set to expire in January and then on Wednesday. But given that the tepid support—only about 4.4% of shareholders had tendered their shares by Wednesday, about the same as at the first deadline—it seems likely that the offer will be defeated.
That's good news for hedge fund Seneca Capital, which has already defeated—along with Icahn—one offer for Dynegy and seems poised to win again.
Icahn can continue to extend the deadline on his offer until September.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…