Word: icahn
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...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...
What gave Icahn's offer most of its credibility, though, was his surprising success at TWA. The New York City-born businessman took the helm of the floundering carrier 14 months ago after a bitter takeover battle. Few thought Icahn would ever be able to turn around the airline, which lost $193 million in 1985 and $257 million in the first half of this year. But after a series of hard-nosed measures, including victory in a three-month strike by TWA's 6,500 flight attendants, Icahn was able to announce earnings of $72 million for the third quarter...