Icahn Extends Offer Period for Dynegy

by: Alacra Pulse Check Blog

By Sheena Lee

The billionaire investor Carl Icahn extended his offer to buy Dynegy (NYSE:DYN) by two weeks after finding little support among the energy company’s shareholders during the initial period. (DealBook)

As noted yesterday, pressure for a higher bid could be mounting. The Icahn bid values the company at $4.73 billion including debt. It’s opposed by Seneca Capital, a New York hedge fund that’s the second-largest shareholder, with about 9% of Dynegy common stock. (Bloomberg)

Deal Update: Porsche’s (OTCPK:POAHF) planned merger with Volkswagen (OTCPK:VLKAF) is on “the right track,” a senior family member said, sending shares in both automakers higher. (Reuters)

Deal Update: ArcelorMittal (NYSE:MT) and its minority partner, Nunavut Iron Ore Acquisition, announced that their bid for Baffinland Iron Mines (BIM) has given them control of 59% of Baffinland’s shares. As a result, the partners waived their two-thirds minimum tender requirement and extended their offer, which expired on Monday night, until Feb. 4. (DealBook)

Other Deal Activity:

Listed conglomerate San Miguel might seek another extension before deciding on whether or not to acquire control of an Australian mining firm that has a stake in the $5.2-billion Tampakan copper-gold project in Mindanao. (BusinessWorld)

Apollo, Blackstone (NYSE:BX) and other price equity firms could still be interested in buying the glass packaging unit, Verallia, of French glassmaker Saint-Gobain, reported the La Tribune newspaper. (Reuters)

British engineer Costain, which maintains the U.K.’s motorways and works across the marine, energy and construction sectors, faces a fight with larger rivals to pull off a takeover of business services group Mouchel as other suitors look to take advantage of Britain’s recovering outsourcing market. (Reuters)

Chicago-based RR Donnelly (NASDAQ:RRD) is buying the document services, reprographics and procurement operations of U.K. firm Transactis, which can trace its heritage back to the 1920s when predecessor J&C Moores printed pools coupons for Littlewoods. (Liverpool Echo)