Dynegy Agrees to Be Acquired by companies Icahn for $ 665 million

Dynegy Inc., the U.S. producer third largest independent power, said its board has unanimously approved a bid of 665 million U.S. dollars to be acquired by Icahn Enterprises LP after the company's shareholders rejected a lower bid from Blackstone Group LP.

Icahn companies offer $ 5.50 per share represents a premium of 10 percent of Blackstone's offer of $ 5 per share, Dynegy said in a statement. Agreement also allows Dynegy to continue pursuing a better offer until 24 January. Icahn has agreed not to oppose another buyer if Dynegy receives a higher offer.

Carl Icahn and hedge fund Seneca Capital, major shareholders of Dynegy, opposed Blackstone bid to acquire Houston-based company. Most Dynegy's shareholders voted to reject the deal last month.

Sale of the company at more than $ 4.50 per share within 18 months of the Blackstone offer in November will trigger a payment of $ 16.3 million for Blackstone, according to an agreement with Dynegy.

NRG and Calpine Corp. are the two largest U.S. producers independent power.