Icahn Extends Offer For Energy Co.—Again

Feb 11 2011 | 9:21am 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.


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