Dynegy Shareholders Snub Blackstone's $4.7B Bid

Law360, New York (November 23, 2010, 2:43 PM EST) -- Dynegy Inc. said Tuesday that its shareholders had rejected private equity firm Blackstone Group LP's sweetened offer to snap up the power company for $4.7 billion, opening the door for other buyers to put in takeover bids.

The rejection came after Blackstone upped its bid for Dynegy by 11 percent last week to $5 in cash per share amid fierce resistance to the proposed offer from two of Dynegy's largest shareholders, Seneca Capital LP and billionaire investor Carl C. Icahn.

Dynegy's board had backed the offer,...
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