Seneca Urges Dynergy Shareholders To Reject Icahn Bid

Law360, New York (December 20, 2010, 8:42 PM EST) -- Seneca Capital LP lashed out Monday at Carl C. Icahn's planned takeover of Dynegy Inc. for $665 million in cash and some $4 billion in assumed debt, saying the billionaire investor's offer is “the wrong price at the wrong time for the wrong reasons” and accusing the power company's board of engaging in “reckless disregard” by accepting the proposal .

In a filing with the U.S. Securities and Exchange Commission, Seneca — Dynegy's second-largest shareholder — urged Dynegy shareholders to vote not to accept the $5.50-per-share...
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