Opalesque Industry Update - In anticipation of their proposal not receiving the
necessary votes to be adopted, an affiliate of The Blackstone Group and
Dynegy Inc expect to announce the termination of their merger
agreement following today's shareholder meeting. Blackstone issued the following
statement: David Foley, Senior Managing Director of The Blackstone Group, commenting on the termination, said: "While we are disappointed by Seneca Capital's and Carl Icahn's opposition to our "best and final" proposal of $5.00 per share, we appreciate the efforts made by Dynegy to communicate the merits of our offer, and we extend best wishes to Dynegy as it continues to pursue its exploration of strategic alternatives." Blackstone had originally offered to acquire Dynegy at $4.50 per share, which it subsequently increased to a "best and final" offer of $5.00 per share. (press release)
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Industry Updates
Blackstone to terminate merger agreement with Dynergy, 'disappointed' by Seneca's and Icahn's opposition
Tuesday, November 23, 2010
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