Its bid to capture up to 4.9% of four energy merchants is over, said Main Street AC Inc., which on Thursday closed its tender offer for Aquila Inc., Dynegy Inc., Mirant Corp. and Reliant Resources Inc. after reaching its funding limit of $170 million total to pay for the tendered shares.

The California investment group said the offer would not be extended past midnight Oct. 15 to pay cash for the outstanding common stock. It tendered the offers in late August, bidding $5.45 per share net for Aquila, $2.88 for Dynegy, $4.97 for Mirant and $7.32 for RRI. At midday Friday, Aquila’s share price was $3.46; Dynegy’s was 86 cents; Mirant’s was $1.30; and RRI’s was $1.62.

“Holders who are considering tendering shares should not now do so, as they are past the cut-off of the limited equity funds to be paid and would only have their shares returned,” Main Street said in a written statement. All of the shares not paid for will be returned to holders by Oct. 18; anyone who has not received their shares by Oct. 25 should contact Main Street for assistance.

One week ago, Main Street claimed to hold 3.5 million shares of Dynegy; 2.2 million shares of Mirant; 1.2 million shares of RRI; and 0.9 million shares of Aquila (see Daily GPI, Oct. 8). It had not acquired 4.9% of any of the companies.

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