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Blackstone slams Icahn for opposing Dynegy deal
BLACKSTONE Group and Dynegy yesterday defended the private equity firm’s $543m (£338.3m) bid for the struggling power company two days before a crucial vote, criticising activist shareholders, including billionaire investor Carl Icahn, who have opposed the deal.
Blackstone’s offer of $4.50 cash per share is opposed by Dynegy’s two largest shareholders – Icahn and hedge fund Seneca Capital – who believe it is too low. Investors are set to vote on the proposal, which requires approval by at least half of Dynegy’s outstanding shares, at a shareholder meeting scheduled for tomorrow. Icahn said on Friday that he may bid for Dynegy if the Blackstone deal is nixed, and offered a $2bn line of credit to Dynegy.