Sullivan & Cromwell Reps Dynegy In $665M Icahn Deal

Law360, New York (December 15, 2010, 2:04 PM EST) -- Carl C. Icahn is acquiring Dynegy Inc. for $665 million in cash and about $4 billion in assumed debt, the power company announced Wednesday, handing the billionaire investor a victory after he fought Blackstone Group LP's takeover bid.

Icahn already owns 9.9 percent of Dynegy's shares and will pay $5.50 per share for outstanding stock, which Dynegy said represents a 10 percent premium over the company's average closing price for the past 30 days. Dynegy holds $3.95 billion in outstanding debt.

Dynegy's deal with Icahn gives...
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