Take $665M Icahn Offer, Dynegy Board Begs Investors

Law360, New York (February 11, 2011, 1:56 PM EST) -- Dynegy Inc.'s board beseeched shareholders Friday to accept financier Carl Icahn's extended $665 million offer to buy the power company, two days after a rival suitor, hedge fund Seneca Capital LP, preemptively rejected a potential higher offer.

The Houston-based Dynegy may have a "strong portfolio of assets," but falling natural gas prices were expected to "significantly impair" Dynegy's ability to handle its $4 billion debt load, the directors said in a letter to stock holders — only 4.41 percent of whom have tendered their shares to...
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