Dynegy rejects Blackstone

Dynegy has cancelled its deal to sell out to Blackstone, after the proposed $4.7bn deal failed to get enough shareholder support.

Sheila McNulty has the news from Houston:

The group also said it would solicit alternative proposals and review its standalone restructuring alternatives, in a statement issued early on Tuesday before voting was due to close later in the day on the Blackstone buy-out.

Dynegy said it would contact a broad group of potential buyers, including its two largest investors, the hedge fund Seneca Capital and activist investor Carl Icahn, after they had both rejected the Blackstone deal as inadequate. It invited other interested parties to contact the company or its advisers.

But will Icahn or Seneca be forthcoming? I’ll leave you to read Sheila’s previous posts on this:

- Icahn and Seneca have spooked Dynegy’s shareholders
- Where were Icahn and Seneca when Dynegy was looking for a buyer?

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