Dynegy Inc. (NYSE:DYN) Falls Marginally Tuesday

Dynegy Inc. (NYSE:DYN) went down by 0.68% or 4 cents and is currently trading at $5.84 after  it said that it didn’t receive any "bona fide" buyout offers before expiration of its open strategic alternatives process on January 24, 2011. The Company said that to find out the parties interested in this open strategic alternative process, Goldman Sachs and Greenhill & Co had contacted over 50 parties on direction of the Special Committee of Dynegy's Board of Directors. Neither parties contacted emerged that could challenge Icahn Enterprises LP’s (IEP) bid to acquire it for about $665 million, or $5.50 per share. The Company had earlier received a takeover offer from private equity firm Blackstone Group. However, Dynegy shareholders, led by Icahn and Seneca, rejected the offer, saying it undervalued the company. Later, Dynegy shareholders agreed to Icahn's $5.50 a share takeover offer. However, Seneca came out with an open letter to shareholders on Friday, saying that Icahn's offer is at the WRONG PRICE at the WRONG TIME for the WRONG Reasons. After, Seneca Capital urged shareholders of the company to not tender their shares to Carl Icahn's, some of the analysts had speculated that Icahn might sweeten his offer. Shares of the Houston-based power producer company are trading with lower volume of 943,256 shares compared to the daily average volume of 4.05 million shares after opening at $5.68. Currently, the market capitalization of the stock stands at $704.81 million with beta of 1.13. Dynegy Inc. (Dynegy) is a holding company and conducts the business operations through its subsidiaries. The primary business of Dynegy is the production and sale of electric energy, capacity and ancillary services from the fleet of 18 operating power plants in six states totaling approximately 12,300 megawatt (MW) of generating capacity. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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