Sunday, 26 June 2016
Last updated 2 days ago
Mar 10 2011 | 11:44am ET
In the battle between hedge funds Icahn Enterprises and Seneca Capital over the future of power company Dynegy, round two goes to the former.
Dynegy yesterday said it had added four directors to its interim board in the wake of Icahn's failed bid for the company. Two of the four were proffered by Icahn, while just one was nominated by Seneca.
Seneca, with a 12% stake Dynegy's second-largest shareholder after Icahn, had also demanded two seats.
Dynegy's board and top executives resigned last month after shareholders resoundingly rejected Icahn's $665 million bid for the company, urged on by Seneca. The two hedge funds had previously collaborated in sinking an earlier bid by the Blackstone Group.
Icahn's representatives on the interim board, which is charged with seeking out new executives and directors for the company are Vincent Intrieri and Samuel Merksamer. Seneca will be represented by E. Hunter Harrison. The fourth new board member is Thomas Elward, an independent director.