Carl Icahn has acquired a 9.95% stake in Dynegy (NYSE: DYN) and stated his opposition to the proposed $4.7 billion take-private buyout by The Blackstone Group. Mr. Icahn believes the deal undervalues the company's stock, which closed up yesterday at $4.87. Blackstone intends to purchase each common share for $4.50 in cash. At the time of its announcement, the offer represented a 62% premium. Dynegy produces and sells electric energy, capacity and ancillary services. Its Board of Directors has recommended shareholders approve the buyout in the vote scheduled for November 17.