Dynegy Inc. , the third-largest U.S. independent power producer, may need to sell itself piece by piece after Blackstone Group LP ’s $604.5 million offer to buy the whole company was rejected, analysts said.
Dynegy Inc ., the U.S. power producer with a shareholder vote scheduled Nov. 17 on a $540 million takeover by Blackstone Group LP , rose after a Pritchard Capital Partners analyst said the private equity firm may increase its $4.50-a-share offer to win approval.
Dynegy Inc. shareholders will vote today whether to accept Blackstone Group LP ’s sweetened $604.5 million takeover bid. The outcome is too close to call and rejection would force the power producer to renegotiate debt and search for another buyer, analysts said.
Dynegy Inc. shareholders will vote tomorrow on whether to accept a $4.50-a-share buyout offer from Blackstone Group LP or bet that the Houston-based power producer can rebound after its sixth quarterly loss in two years.
Dynegy Inc. , the third-largest U.S. independent power producer, agreed with Blackstone Group LP to scrap a $604.5 million takeover because of shareholder opposition. Dynegy will seek new bids and may sell assets, cut costs and restructure debt to continue as a standalone company.
Blackstone Group LP raised its bid for U.S. power producer Dynegy Inc. to $604.5 million, an 11 percent increase, calling that its “best and final offer” in response to opposition before a scheduled shareholder vote tomorrow.