Electric utility Dynegy, Inc. (DYN) announced Monday that its President and CEO Bruce Williamson as well as Executive Vice President and CFO Holli Nichols will resign from the company, effective March 11. This follows a mutual agreement with the board after the company failed to sell itself recently on two occasions amid strong shareholder opposition.
"Bruce has guided Dynegy through numerous challenges over his eight year tenure, including stabilizing the Company at a time of great uncertainty, reducing the Company's outstanding debt by more than $10 billion, implementing a comprehensive program to reduce environmental emissions from the Midwest coal fleet and setting a new strategic direction by focusing on the electric generation business while exiting unrelated lines of business," Hammick said in a statement.
Williamson, who also resigns as a director and chairman immediately, will be succeeded on an interim basis by current independent director David Biegler as president and CEO. Meanwhile, Lead Director Patricia Hammick will take over as chairwoman.
Nichols, who resigns to accept an opportunity at another company, will be succeeded on an interim basis by Charles Cook, currently executive vice president of commercial operations and market analytics.
Dynegy's latest effort to sell itself to activist investor Carl Icahn's Icahn Enterprises L.P. (IEP) was thwarted after insufficient number of shares were tendered to the offer by its shareholders which led to the merger agreement with an affiliate of IEP getting automatically terminated.
Dynegy entered into a merger agreement in mid-December, and affiliates of IEP commenced a tender offer on December 22 to acquire all of the outstanding shares of Dynegy common stock for $5.50 per share, or $665 million in cash. The Dynegy board had recommended the offer and urged its shareholders to tender their shares into the all-cash tender offer made by IEP.
Dynegy had earlier terminated its $5 per share merger deal with private equity firm Blackstone Group L.P. (BX) following strong opposition from its shareholders that includes billionaire investor Icahn and hedge fund Seneca Capital. Icahn is the largest shareholder of Dynegy, and Seneca is the second largest.
Dynegy has now decided to continue as an independent public company and it will continue to work to preserve the company's value despite the uncertain and weak market conditions. Meanwhile, Dynegy's remaining five directors have also decided not to stand for reelection, and offered Seneca Capital as well as Icahn Associates a seat each on the new board.
Dynegy also amended its stockholder protection rights plan and increased the level of beneficial ownership of Dynegy shares that triggers adverse consequences under the Rights Plan to 20 percent from the earlier 10 percent.
DYN closed Friday's regular trading session at $6.01, down $0.04 or 0.66 percent on a volume of 1.01 million shares. In the past 52-week period, the stock has been trading in a range of $2.76 to $8.50. Meanwhile, IEP closed at $42.93, up $0.28 or 0.66 percent on a volume of 29,200 shares.
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