Word: icahn
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Dates: during 1980-1989
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...more than a year, takeover artist and TWA chairman Carl Icahn has been missing from the roiling waters of corporate raids, beached by huge investments in Texaco and USX. But last week Texaco's largest stockholder sent a quiver through the New York Stock Exchange when he abruptly unloaded his 17.3% stake, or 42 million shares, for $2.07 billion (his profit: $600 million). The sale, which ranked as the largest single trade in Big Board history, was so unwieldy that three investment firms -- Shearson Lehman Hutton, Goldman, Sachs and Salomon Brothers -- teamed up to buy the shares. The bombshell transaction...
Meantime, Eastern's competitors had a field day poaching on the crippled airline's territory. TWA, Delta and Pan Am added flights on Eastern routes to capture its customers. Even Amtrak and Greyhound expanded their service to meet the new demand. TWA Chairman Carl Icahn confirmed that Eastern's unions had asked him to launch a bid for the airline. Icahn briefly considered such a bid last fall. He found the idea interesting, he said, but did not want to interfere in Eastern's collective-bargaining process. Lorenzo was cool to the suggestion. "Our major goal at the moment...
Bakes and Lorenzo avoided specific comment on news that Lorenzo rival Carl Icahn had been asked by Eastern strikers to consider a buyout of Eastern...
...Icahn will extract a rich payoff. Texaco agreed to pay a special shareholder dividend of $2 billion, nearly $340 million of which will go to the raider. The money will come from the oil firm's $7 billion in proceeds from assets it has sold off since last June, partly at Icahn's urging...
...raider's fattened cash hoard raises the question of where he will strike next. Icahn, who took over TWA and became its chairman, already owns 11.4% of USX, and has shown interest in buying at least some of the assets of Texas...