Vistra Energy eases Dynegy's leverage concerns and offers significant synergy opportunities.
We are increasing our fair value estimate for Dynegy to $13 after the firm announced plans to merge with Vistra Energy, formalizing rumors that surfaced last week. Dynegy shareholders will receive 0.652 shares of Vistra Energy for every Dynegy share, roughly $13 at Vistra Energy's current market price.The deal represents a significant premium to our stand-alone $9 per share fair value estimate, and we believe the transaction is in the best interest of Dynegy shareholders. We assume a 100% proba...
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