Seneca Capital joins Carl Icahn in opposition of Blackstone’s Dynegy buyout
| October 23rd, 2010 | ||
| Seneca Capital recently stated that it believes that Blackstone Group (NYSE: BX) is not offering a large enough price to buy Dynergy, agreeing with the sentiments of the power company’s other top shareholder, Carl Icahn. According to Reuters, Seneca Capital, a 9.3% shareholder of Dynergy, is arguing that Blackstone’s offer prices each share at $4.50, or not even one-third of their replacement cost. But the $543 million Blackstone deal could eventually help Dynegy out of its $4.7 billion debt and Dynegy continues to defend the transaction, reportedly stating that Seneca has not been “a significant long-term holder of the company’s stock.” Since the announcement of this deal, Dynegy’s shares have traded above the bid price. Dynergy shareholders will vote to approve the bid November 17. | ||
For Detailed Investor Profiles on these Investors, click below: |
Icahn Associates (Carl Icahn) |
Seneca Capital |
Related People: Alexander J. Denner;
Related Entities: PAGS Investing LLC ;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles; Investment Management and Hedge Fund Firm Mergers, Acquisitions, Spin-offs and Transactions
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