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Monday, February 14, 2011

Icahn extends Dynegy tender offer; not to raise bid

Billionaire Carl Icahn extended his tender offer to buy Dynegy Inc but said he would not increase his $665 million bid for the power company despite protests from top shareholders such as hedge fund Seneca. If the tender offer is not successful, Icahn may seek debt or equity financing. The offer expires on Feb. 18. "Icahn reserves the right to buy or sell interests in Dynegy securities or indebtedness," Icahn Enterprises LP said in a statement.