US power M&A: lively activity expected in 2011
Dynegy’s deal-making efforts may be floundering, but the outlook for the rest of the sector is that mergers and acquisitions activity will flourish in 2011, finds Pauline McCallion
A second sale of independent power producer Dynegy failed on February 18 due to a lack of support for a $5.50 per share offer from Icahn Enterprises. Its previous attempt to sell itself to the Blackstone Group last October for $4.50 per share also failed because shareholders felt the deal undervalued the company.
Dynegy has warned investors that the risks of continuing to operate alone outweigh the potential upside due to the company's "substantial leverage and forecasted negative free cashflow"
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