Business & Finance
Business and Finance
Business and Finance
Tue, November 23, 2010 Statement of Blackstone on the Termination of its Merger Agreement With Dynegy
NEW YORK--([ BUSINESS WIRE ])--In anticipation of their proposal not receiving the necessary votes to be adopted, an affiliate of The Blackstone Group (NYSE: BX) and Dynegy Inc. (NYSE: DYN) expect to announce the termination of their merger agreement following today's shareholder meeting. Blackstone issued the following statement:
"While we are disappointed by Seneca Capital's and Carl Icahn's opposition to our"
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.
About The Blackstone Group:
Blackstone (NYSE: BX) is one of the worlda™s leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. The firm accomplishes this through the commitment of its extraordinary people and flexible capital. Blackstonea™s alternative asset management businesses include the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at[ www.blackstone.com. ]
