Friday, September 24, 2010

Dynegy (NYSE:DYN) Downgraded by JP Morgan (NYSE:JPM)

JP Morgan (NYSE:JPM) downgraded Dynegy (NYSE:DYN) from "Overweight" to "Neutral," while lowering the price target on the company from $10 to $5.

After a 40-day period of seeking an alternative to the bid from The Blackstone Group (NYSE:BX), Dynegy, while receiving some interest, didn't end up with any other bids.

Dynegy stated, “Despite this solicitation of interest, Dynegy did not receive any acquisition proposals.”

They said eight parties gained access to private company information in order to make an informed decision, but they evidently didn't like what they saw.

A shareholder meeting of Dynegy on November 17 is set, where the merger with Blackstone will be approved. The deal should close in near the end of November.

No comments:

Post a Comment