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Dynergy 'set for takeover'

Billionaire Carl Icahn could be set to takeover Dynergy after no further bids emerged for the power producer.

26 January 2011

Sales negotiations between Dynergy and Carl Icahn look set to take the next step forward as no rival bid to the billionaire's $665 million (£410 million) offer has emerged.

The board at the power producer has reportedly backed the deal unanimously and both parties have agreed to extend the tender offer, which was due to expire at midnight on Tuesday January 25th.

Icahn's offer values Dynergy shares at $5.50 each, but some experts have suggested that the firm could be looking for a target price of $7 per share.

Bloomberg cited Andrew Smith, a New York-based analyst for JP Morgan Securities, who recently said in a client's note that pressure could be increasing for a higher bid.

This comes after the UK's culture secretary Jeremy Hunt announced that he would refer the proposed merger between BSkyB and News Corp to the Competition Commission.

He said he believed there was a possibility the merger would not be in the public interest.  

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