Carl Icahn
Carl Icahn is a billionaire financier, ranking #18 on the 2007 Forbes 400 list with an estimated net worth of $14.5 billion.
Icahn built a name for himself in the 1980s as a corporate raider. After keeping quite for years, Icahn made a major comeback as a 'activist investor'. An activist investor agitates companies for changes, including buyouts, share buybacks, and dividend increases.
Icahn has successfully pushed for changes at Time Warner (NYSE: TWX) and Temple-Inland (NYSE: TIN), among others. Icahn won board seats at Motorola (NYSE: MOT) after first failing.
In 2007, Icahn's activism successfully pushed biotech company MedImmune into a sales agreement with AstraZeneca (NYSE: AZN). Icahn is also involved with biotech company Imclone Systems (Nasdaq: IMCL), where he is Chairman of the Board.
In early, 2008 Icahn activist target BEA Systems (Nasdaq: BEAS) was sold to Oracle (Nasdaq: ORCL). Icahn held a 13% stake in BEA.
Icahn is also involved with developments at Biogen Idec (Nasdaq: BIIB) and WCI Communities (NYSE: WCI), which both unsuccessfully explored sales. WCI rejected a $22 per share takeover offer from Icahn in early 2007, only to see its stock plummet on the housing slowdown.
In 2008, Icahn targeted Yahoo! (Nasdaq: YHOO) after the Internet company failed to work out an acceptable merger agreement with Microsoft (Nasdaq: MSFT) Microsoft walked away from its bid for Yahoo! after months of bickering.
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Unusual 11 Mid-Day Movers 10/28: CTS, QTM, KWR, CIT, NTRI Higher; KSP, CALC, PSYS, ILMN Lower
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CIT Jumps 12% on Financing News
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CIT gets added $4.5B in financing from lenders, not from Icahn
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Icahn Provides CIT Commitment Letter for $4.5B Term Loan; Requests Acceptance by 6pm This Evening
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Icahn Says CIT Bondholder's Treatment is 'An Example of What's Wrong with the Bankruptcy System'
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Top 10 News Items 10/19-10/23: Apple Continues It's Dominance; Wells Fargo, Morgan Stanley Beat the Street; Microsoft Surges 5% on Upside Surprise
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Icahn Sends Open Letter to CIT Bondholders; Says a Bankruptcy Would Not Be 'Calamitous'
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CIT Group (CIT) Strikes Tentative Deal with Goldman (GS) on Debt
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CIT Group (CIT) Acknowledges Icahn Letter, Intends to Contact Him For More Info
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Carl Icahn Calls CIT's (CIT) Prepackaged Bankruptcy Proposal "Ludicrous" - Reuters
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Icahn Chastises CIT (CIT) Board, Offers To Underwrite $6 Billion Loan
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Morning Movers 10/19: FIGI, IPCS, BEST, ALLI, CIT Higher; JACO, FNM, IDCC, FRE, PETS Lower
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Icahn Offers to Underwrite $6B Loan for CIT; Sees 'No Reason' Board Should Continue to Be in Control
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Carl Icahn offering loan to CIT Group, Inc. (CIT)
