Last week, power-plant operator Dynegy agreed to be acquired by top shareholder, Icahn Enterprises, for about $665 million. But Dynegy's second-largest shareholder, hedge fund Seneca Capital, rejected the bid, calling it "the wrong price at the wrong time for the wrong reasons."
Power plant operator Dynegy has agreed to be acquired by Icahn Enterprises for $5.50 per share in cash, or about $665 million. Dynegy has about $3.95 billion of outstanding debt, net of cash. The agreement follows a recent failed bid from private equity giant The Blackstone Group.
Dynegy has agreed to be acquired by an affiliate of Steven Schwarzman's (pictured) Blackstone Group in a transaction valued at approximately $4.7 billion, including the assumption of existing debt. Blackstone will pay $4.50 per share in cash.