Billionaire investor Carl Icahn defended his $665 million bid for power company Dynegy Inc (DYN.N) on Friday, saying that higher bids have not materialized and that falling natural gas prices are hurting the company's value. Icahn has struggled to win over shareholders for his bid, because investors, led by hedge fund Seneca Capital, have been betting that there is more value in the company either on a stand-alone basis or through a higher deal. Share prices have traded more than 10 percent above his $5.50 a share bid, but a source familiar with the matter said Icahn is not considering a higher bid.
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