Carl Icahn may have lost out on his bid to take over Lionsgate this week, but the billionaire corporate raider got a consolation prize -- Dynegy.
The power producer announced on Wednesday that it had accepted an offer to be acquired by Icahn Enterprises for $665 million.
The company's board of directors unanimously approved a tender offer followed by a merger for $5.50 per share in cash.
Earlier, Dynegy's shareholders rejected a lower bid from Blackstone Group. Under the agreement, Dynegy can still entertain better offers until January 24.
Dynegy has approximately $3.95 billion of outstanding debt.
Goldman, Sachs & Co. and Greenhill & Co., LLC are serving as financial advisors and Sullivan & Cromwell LLP is serving as legal counsel to Dynegy.
