With billionaire investor Carl Icahn's $665 million bid for Dynegy Inc (DYN.N) looking less and less likely to be completed, the pressure on the power company's management team is mounting. The company's shares have mostly traded above Icahn's $5.50 a share bid since Icahn struck a deal with Dynegy in December. But they surged above $6 a share -- and have remained there -- after one of Dynegy's largest shareholders said it would oppose a deal even at that level. 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 offer.
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