Billionaire investor 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 second-largest shareholder, hedge fund Seneca Capital. The $5.50-a-share deal has come under fire from Seneca -- owner of about 9.29 percent Dynegy shares -- which had successfully blocked the company's previous deal to sell itself to private equity firm Blackstone Group . Icahn said he beneficially owned about 15 percent of Dynegy shares. Dynegy, which sells power at competitive rates into the open market, is trying to sell itself in the face of weak natural gas prices, which often dictate power prices.
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