By Kevin McCauley
Joele Frank, Wilkinson Brimmer Katcher is handling media for power supplier Dynegy, which postponed today's shareholder vote on the proposed Blackstone Group takeover until Nov. 23 to give owners more time to mull the equity firm's 11 percent price sweetener to $5 a share.
That original offer faced opposition from Dynegy holders Seneca Capital, which is repped by Linda Wolford at Robinson Lerer & Montgomery, and takeover artist Carl Icahn. They control a combined 22 percent of Dynegy.
Blackstone's bid was rapped by Seneca as "the wrong price at the wrong time for the wrong reasons." It's looking for $6 a share.
Dynegy's board believes Blackstone's new bid ‘is in the best interest of stockholders because "it provides immediate, certain and fair value to its stockholders while reducing the considerable downside risk facing Dynegy if the Blackstone transaction is not approved and completed.”
The company has said that it looked for other suitors during a two-month "go shop” period, but came up empty. Dynegy has agreed to pay Blackstone a $16.3M "break-up” fee if the deal if shareholders vote down the deal.
Judy Wilkinson and Matt Sherman, partners at JFWBK, are working the account. MacKenzie Partners is fielding inquiries from analysts.
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