Dynegy Rises on Takeover Speculation
We are reaffirming our $9 fair value estimate for Dynegy after reports that Vistra Energy is in advanced talks to buy the company. We think the long-rumored deal became more probable when Vistra began rationalizing its sizable Texas coal fleet. Dynegy's diverse generation portfolio would reduce Vistra's exposure to struggling Texas markets and complement its retail portfolio.Dynegy has recently suffered for two main reasons. First, the company is highly leveraged. While management recently took...
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