Word: icahn
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...Meanwhile, shareholders of Phillips Petroleum, which tangled with Pickens in 1984, met in Bartlesville, Okla., to vote on a plan that would give Pickens and his partners an $89 million profit on an aborted takeover battle. Rejection of the plan would open the way for Rival Raider Carl Icahn to continue his pursuit of the company. But it could increase Pickens' potential gains by pushing up the value of the Phillips shares that he owns. The result of the vote is expected this week. If the plan is defeated, Phillips could be forced to buy back all its stock...
Phillips Petroleum, meanwhile, was still feeling the effects last week of its encounter with Pickens. Financier Carl Icahn, who opposes a December agreement that ended the Pickens-Phillips fight, was cleared by a court ruling to proceed with his own takeover bid for the Oklahoma company...
...practice known as "greenmail." This involves buying up sufficient shares in a company to pose a takeover threat or proxy challenge. In order to head off the move, many companies are willing to buy back the purchased shares at a premium price. Greenmail practitioners include New York Financier Carl Icahn, 48, whose group pocketed $30 million when he sold his stock in Marshall Field to England's B.A.T. Industries, and Publisher Rupert Murdoch, 53, who made $40 million when Warner Communications bought back his shares at 35% more than the market price...
Greenmailers like Icahn contend that acquisitions serve a useful purpose by ousting incompetent managers who fail to make the most of a company's assets. He argues that if antigreenmail laws are enacted, they should be accompanied by measures to ensure that bad bosses cannot entrench themselves at the expense of shareholders. Actually, it is usually the stockholders, who do not have the same opportunity to sell their stock at a premium price, who are hurt by greenmail...
...headquarters in Manhattan's financial district, Boesky draws on a staff of 60 lawyers, bankers, accountants and M.B.A.s in making his investment decisions. Says fellow Arbitrager Carl Icahn: "Ivan has made as much a science of this game as you can make...