Dynegy Agrees to Icahn Buyout
Dynegy agreed to be acquired by Icahn Enterprises for $5.50 a share in cash, or about $665 million.
HOUSTON (
) --
Dynegy
(DYN)
agreed to be acquired by
Icahn Enterprises LP
(IEP) - Get Report
for $5.50 a share in cash, or about $665 million.
Shares of Dynegy, which has about $3.95 billion of outstanding debt, closed Tuesday at $5.45.
Last month, a
bid by Blackstone (BX) - Get Report for Dynegy at $5 a share
fell apart.
Under the terms of the agreement with Icahn, Dynegy will continue to solicit superior proposals until Jan. 24, 2011.
-- Written by Joseph Woelfel
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