Icahn makes last push for Dynegy shares

[February 14, 2011]  NEW YORK (AP) -- Billionaire investor Carl Icahn is extending an offer for power producer Dynegy Inc. for a final time.

Icahn Partners LP says its offer for the Houston company will expire Friday. The $665 million bid, which values Dynegy at $5.50 per share, was scheduled to expire Monday. It says it will not extend the offer further or increase its bid. Icahn Partners agreed to buy Dynegy in December, but shareholders have not supported its offer. The stock closed Friday at $5.67 a share.

Icahn Partners is Dynegy's largest shareholder with about 15 percent of the company. For the deal to go through, 50 percent of Dynegy's shares must be voted in favor of the Icahn bid.

Only about 1.4 percent of the shares not owned by Icahn have been tendered in support of the offer.

[Associated Press]

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