Icahn Enterprises

:

Dynegy (90.1%)

Dealogic Deal #  :

720621

Data as of :

12/15/2010

Target

Acquiror

Dates & Values

Dynegy (90.1%)

Icahn Enterprises

Target:

90.1

% stake

Buying:

90.1

% stake

Rumored

-

Deal Value $m

4,549.9

NY

DYN

121

m shares outstanding

Public (Listed)

Announced

15th Dec 2010

Value ex Debt $m

598.9

United States

United States

Utility & Energy

Holding Companies

Expected

1Q 2011

Consideration

Goldman Sachs | Advisor

Completed

-

Greenhill | Advisor

Sullivan & Cromwell | Attorney

Withdrawn

-

Timeline Events

Termination Fee, Target $m

tbd

Termination Fee, Acquiror $m

tbd

Financials

30th Sep 2010

Balance Sheet

Debt/Equity:

2.8

Premiums & Multiples

Initial Offer

$5.50

Current Offer

$5.50

Income Statement

Cash Flows

Operations $m

501

Profitability

Profit Margin

-12%

Return on Equity

-15%

League Table Impact

Sector Trend

2010 YTD Announced Global M&A by Deal Value, $bn

Monthly Announced Global M&A, $bn:

Utility & Energy

1

Morgan Stanley

558.6

2

Goldman Sachs

538.2

3

JPMorgan

429.0

4

Credit Suisse

417.7

5

UBS

344.8

6

Citi

339.0

7

BOA Merrill Lynch

337.9

8

Deutsche Bank

326.2

9

Barclays Capital

323.9

10

Rothschild

256.5

21

Greenhill

55.6

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