Dynegy shareholders have rejected a $605 million buyout offer from private-equity firm, Blackstone Group, The Wall Street Journal reports. The U.S. power producer is seeking new bids and also plans to sell assets, cut costs and restructure debt to continue as a standalone company.
The bid was opposed by billionaire investor, Carl Icahn and hedge fund Seneca Capital. Blackstone will be eligible to receive a $16.3 million merger termination fee if Dynegy is sold for more than $4.50 a share within 18 months, adds Bloomberg.
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