Friday, 27 November 2015
Last updated 8 min ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…