Icahn Extends Dynegy Offer, Seneca Loses Waiver Bid

Law360, New York (January 26, 2011, 7:14 PM EST) -- Carl Icahn on Wednesday extended the deadline for his $665 million offer to buy Dynegy Inc., while the power company rejected an attempt by Seneca Capital LP, which opposes the offer, to waive a poison pill measure.

An Icahn Enterprises LP subsidiary has stretched its offer to pay Dynegy stockholders $5.50 per share, which was set to expire Tuesday, through Feb. 9. The company's board accepted a merger with Icahn in December.

As of Tuesday, only about 4.42 percent of the outstanding shares of Dynegy common...
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