Dynegy Inc. said the New York Public Service Commission approved a $665 million takeover bid by investor Carl Icahn. Commission approval is one of the conditions for the takeover bid from Icahn Enterprises LP to go forward.

On Dec. 22, Icahn offered to buy all the shares of Dynegy common stock for $5.50 each. Dynegy's statement said the Justice Department and Federal Trade Commission have agreed to waive the waiting period outlined under anti-trust laws. The only remaining regulatory approval the companies need is from the Federal Energy Regulatory Commission, Dynegy said.

In late November, Dynegy said that a lack of shareholder support for a proposal by Blackstone Group to take over the company led both companies to terminate Blackstone's proposed acquisition.

In December, Dynegy's board unanimously voted to recommend that shareholders accept the offer, saying the deal is in the best interest of all Dynegy shareholders. Icahn, Dynegy's largest shareholder, already owns a 9.9 percent stake in the Houston-based company.

Read more news and features on the business of power generation.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...