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Dynegy Shareholders Reject Blackstone Offer, Dynegy Investigating Asset Sales, Other
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November 24, 2010
Dynegy shareholders rejected a $605 million bid from The Blackstone Group to acquire the independent power producer, which also stops NRG Energy's planned acquisition, at least as originally envisioned, of what would have been several of the newly acquired plants from Blackstone.
Dynegy has opened a new strategic revenue process to review individual asset sales,
debt restructuring, and cost cutting opportunities, in addition to soliciting further
interest in a sale of the entire company. Dynegy's financial advisors will contact
a broad group of potential strategic and financial buyers, including Seneca Capital
and Icahn Associates, two of Dynegy's largest shareholders who had opposed the Blackstone
transaction as under-
NRG had agreed in August to purchase from Blackstone, upon consummation of its takeover
of Dynegy, 3,884 MW of mostly gas-
The assets, located in California and Maine, which NRG had been seeking to purchase were:
Casco Bay 540 MW Combined Cycle Natural Gas
Moss Landing (1&2) 1,020 MW Combined Cycle Natural Gas
Moss Landing (6&7) 1,509 MW Steam Turbine Natural Gas
Morro Bay 650 MW Steam Turbine Natural Gas
Oakland 165 MW Combustion Turbine Oil
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