The Blackstone Group has raised its buyout offer for Dynegy (DYN) from $4.50 per share to $5 per share, less than 24 hours before shareholders are scheduled to vote on the deal.
The move comes amid strong challenges from activist investors Carl Icahn and Seneca Partners, who have argued that the original price was insufficient.
In a press release, Blackstone said that $5 per share offer represents the firm’s “best and final offer.”
Sounds similar to what the firm said just yesterday about its $4.50 per share bid, with an insider adding that the firm would be “perfectly happy” to walk away and await an eventual bankruptcy purchase.
Does this mean Blackstone had a major change of heart overnight? Did Steve Schwarzman catch a performance of Lombardi, and decide that winning is the only thing? Or was Blackstone’s cavalier confidence just a smokescreen designed to nudge a few fence-sitting shareholders?
Your move, Mr. Icahn…