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 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. 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. , 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.
Dynegy Inc . said the Federal Energy Regulatory Commission, or FERC, has approved an application by Dynegy and an affiliate of Icahn Enterprises LP related to the proposed acquisition of Dynegy by IEP.