Icahn Demands Two Dynegy Board Seats

Mar 2 2011 | 8:55am ET

Having failed in its efforts to buy the company, hedge fund Icahn Enterprises is seeking a major voice on Dynegy Inc.'s board of directors.

The New York-based firm has said it wants two seats on the power company's board, the same representation demanded by its adversary in its proxy battle, hedge fund Seneca Capital. Icahn owns about 15% of Dynegy's shares, with Seneca holding about 12%.

Icahn said yesterday his firm continues "to have discussions with representatives of the company regarding the appointment" of its two nominees.

Dynegy's entire board of directors, as well as its CEO and CFO, resigned last month after shareholders rejected Icahn's $665 million buyout offer. The company then offered a single seat on an interim board to both Icahn and Seneca.

Icahn's failure was the second by a major alternative investments firm to buy Dynegy in the past several months. Icahn and Seneca joined forces to defeat an earlier, lower offer from the Blackstone Group.


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