[permalink] [id link]
Dynegy investor Carl Icahn also promised a proxy battle, arguing that Blackstone Group's offer was too low.
from
Wikipedia
Some Related Sentences
Dynegy and Icahn
Icahn raised his stake in Dynegy to 12. 9 percent in preparation for the shareholder fight.
On December 15, 2010, Icahn offered a US $ 5. 50 a share cash bid for Dynegy.
Dynegy and also
In a merger completed February 1, 2000, Illinova Corp. ( formerly ) became a wholly owned subsidiary of Dynegy Inc., in which Chevron also took a 28 % stake.
The deal also allowed Nova and British Gas to sell their stake in Dynegy.
Dynegy also began branching into areas outside natural gas and electrical generation.
Dynegy also agreed to create a 245 million new Class B shares, which it turned over to LS Power.
LS Power also agreed to return all its Class B shares, so that Dynegy would only have 95 million shares of common stock outstanding.
Legal counsel also believed that Dynegy management would be forced refile resolution with shareholders and resolicit votes, which would delay a meeting until early 2011.
Nearly all the debt was held by its subsidiary, Dynegy Holdings, which also guaranteed debt for the operating divisions.
The bankrutpcy plan filed by Dynegy Inc. also called for a merger with Dynegy Holdings.
Dynegy and arguing
In September 2007, New York Attorney General Andrew Cuomo sued Dynegy and other utilities, arguing that the companies were not properly accounting for the financial risks that pollutants from coal-fired generating plants created.
Dynegy and Blackstone
On August 13, 2010 Blackstone announced it would buy Dynegy, an energy firm, for nearly $ 5 billion.
On August 13, 2010, the Blackstone Group announced plans to purchase Dynegy for US $ 4. 7 billion.
Worried that it did not have enough shareholder support to accept the Blackstone Group offer, Dynegy proposed postponing its shareholder meeting a few days to November 23.
On November 19, Dynegy was forced to recess its shareholder meeting in an attempt to garner more support for the Blackstone bid.
) During the four-day recess, Dynegy executives said the company would continue to solicit a takeover even if the Blackstone Group bid failed.
On November 23, 2010, Dynegy management and Blackstone agreed to call off the takeover after it became clear there was not enough support for the US $ 5. 00 a share bid.
Dynegy and offer
* November 28 Dynegy retracts its acquisition offer.
Dynegy withdrew its merger offer on November 28.
Dynegy executives said the offer was a good one, as the deal would give Dynegy access to lines of credit which would enable it to refinance and restructure its debt.
Dynegy and was
In 1998, NGC Corporation was renamed Dynegy ().
Dynegy Inc. was the object of two takeover efforts in 2010.
" Nova announced two months later that it was seeking to sell its stake in Dynegy.
Dynegy, along with Enron, El Paso Corporation, Reliant Energy, and several other energy companies, was accused of price manipulation and other fraudulent practices during the California electricity crisis in 2000 and 2001.
The case against Dynegy was dismissed in 2003.
In 2001, Dynegy made a white knight US $ 8 billion takeover bid for Enron, which was saddled with $ 13 billion in debt and whose stock had plummeted.
( The lawsuit was settled in August 2002 after Dynegy agreed to pay Enron US $ 25 million for backing out of the deal.
NNGC was Enron's most lucrative pipeline asset and had been put up as collateral in return for Dynegy providing financing to Enron during merger talks.
Moody's Investors Service announced it was reviewing all US $ 4 billion of Dynegy debt.
Although Black Thunder put up almost 90 percent of the money to form Catlin, Dynegy was required to buy out Black Thunder's investment or sell off the assets if Catlin did not earn a specified high rate of return.
Dynegy Inc. chairman Dan Dienstbier was named interim CEO.
Dynegy was quickly approaching bankruptcy by late June 2002.
In May 2007, ChevronTexaco announced it was selling its 12 percent stake in Dynegy to the public.
Legal counsel advised that Delaware law ( under which Dynegy was incorporated ) considered a postponement a new meeting, and that would require notifying shareholders ( again ) and giving at least 20 days ' notice.
( Dynegy was unable to adjourn the meeting because its bylaws did not clearly provide for adjournment to another date, and because it was unclear that adjournment could occur without a shareholder vote — a vote the board felt it would lose.
To separate Dynegy Holdings from Dynegy Inc., Dynegy Holdings was transformed from a corporation into a limited liability company ( LLC ).
Dynegy and .
: Lay meets with Dynegy chairman Charles Watson.
* November 9 Dynegy announces it will acquire Enron for $ 9 billion.
The natural gas plant, located at the intersection of State Route 1 and Dolan Road, produces 2, 538 megawatts, is wholly owned by Dynegy, and is visible from Santa Cruz, California to the north and Monterey, California to the south on clear days.
After the bankruptcy of Enron, Northern Natural Gas briefly became part of Dynegy Corp of Houston whose Chairman Daniel Dienstbier had been president of NNG before Ken Lay seized control of Internorth.
Dynegy then sold NNG to Warren Buffett's Berkshire Hathaway who moved it back to Omaha.
In 1996 NGC Corp. ( now Dynegy ) leased in the First Interstate Plaza.
The corporate headquarters of Dynegy are located in Suite 5800.
Dynegy Inc. is an electric utility company based in Houston, Texas, in the United States.
The company adopted the name Dynegy in 1998.
Dynegy nearly went bankrupt in 2002, and several executives were eventually convicted of financial fraud and mismanagement.
Dynegy exited the energy trading business in 2002 and the natural gas supply business in 2005, focusing its efforts on electrical generation.
The company has one major subsidiary, Dynegy Holdings.
Its Dynegy Holdings subsidiary went bankrupt in November 2011, and Dynegy Inc. itself filed for bankruptcy protection on July 6, 2012.
As part of the bankruptcy filing, Dynegy Inc. has proposed merging with Dynegy Holdings into a new entity which will retain the Dynegy, Inc. name.
0.142 seconds.