Word: icahn
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Dates: during 2000-2009
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...Icahn, who has made a fortune by buying and selling stakes in such companies as Dan River and Gulf+Western, hopes to use his deal-making skills to rebuild TWA. He made his first major move three weeks ago, when he persuaded Ozark Air Lines to merge with TWA for $250 million. Among other benefits, the acquisition will sharply increase the number of domestic flights that feed passengers to TWA's overseas routes. Icahn is also thinking about buying a hotel chain and an auto-rental company to combine with TWA. That would enable customers to reserve a plane seat...
...month the company's stock began moving into some well-known hands. Among the buyers: Robert Holmes à Court, an Australian investor; T. Boone Pickens, the Texas oilman-raider; Irwin Jacobs, the Minneapolis entrepreneur and speculator. Pickens reportedly cashed in his chips two weeks ago for a big profit. Icahn, on the other hand, continued to buy. Last week he announced that his holdings had reached 11.4% of USX and were still climbing. Said Icahn: "We have made a serious offer...
...billion), the threat was only the latest in a series of battles. Amid a lengthy steel strike, its first since 1959, and menaced for weeks by speculative stock buying and takeover rumors, the company headed by Chairman David Roderick, 62, faced an $8 billion buyout offer from Carl Icahn, 50, chairman of Trans World Airlines. At week's end it was unclear whether Icahn sought control of USX or merely wanted to pocket a hefty profit for his efforts...
Before TWA's Icahn made his advance, USX had been considered a probable takeover target for some time. Wall Street analysts considered the diversified company, formerly known as U.S. Steel, to be drastically undervalued: its stock price in no way reflects its $21 billion in assets, which include $13.2 billion worth of oil and gas holdings. Many of those energy ventures, like the $6 billion acquisition of Marathon Oil in 1982, were engineered by strong-willed Chairman Roderick precisely to raise the ante for would-be raiders. With the steel and energy businesses reeling, Roderick last August decided to pick...
...Icahn, who may have already earned a paper profit of up to $400 million on his stock, insisted that his purchase offer of $31 a share was not intended to force USX to buy back his holdings at a hefty premium. Instead, he claimed, his objective was a takeover followed by a cost-cutting program and a deal with the striking Steelworkers that would boost the company's profitability and its share price. Icahn challenged management to come up with its own restructuring plan to boost the value of its stock...