We don’t know if Carl Icahn is working on some kind of personal bucket list as he nears 80. Either way, he’s certainly made the last couple of years count in terms of Icahn-ovation. Name the medical school mom wanted you to go to after yourself? Check. Take control of CNBC as own personal mud-slinging device? Check. Magnanimously bury the hatchet with target of mud-slinging device after having soundly trounced him, investment-wise? Check. Master social media? Check. Repeatedly dine with and pontificate at the next best thing to Steve Jobs himself? Check. See the kid make good? Check. Dive into politics? Check. Take on the biggest target of his career? Check. Do another thing no one else has ever done? CHECK.
Only five so-called precatory proposals to break up a company have been put forward since 2009, according to FactSet, and only three of them followed the successful campaign to break up Timken Co. in 2013.
Mr. Icahn is adding an additional wrinkle by deciding against waiting for the AIG (NYSE: AIG) annual meeting in the spring, saying he plans to solicit the votes soon instead. Solicitation by “written consents” outside of scheduled meetings is also rare, with only 26 in the past five years, according to FactSet. (There have been more than 1,600 activist campaigns since 2009.)
In fact, it may be the first time anyone has combined the two: FactSet hasn’t found a single example of a shareholder proposal being run as a written consent campaign.
Oh yea, and when he’s not making activism history for the umpteenth time? Yea, he’s interviewing people for a job that’s not open (yet) and buying 7% of your copy machine. Not bad for the first day of Thanksgiving week.
Activist investor Carl Icahn disclosed a stake in Xerox Corp (NYSE: XRX) and called the printer and copier maker's shares "undervalued," sending the stock up 7.6 percent in extended trade.
Icahn Would Be in Uncharted Waters With AIG Vote [WSJ MoneyBeat blog]
Icahn Proposes Shakeup of AIG Leadership After Clash With CEO [Bloomberg]
Icahn takes stake in Xeros, calls shares ‘undervalued’ [Reuters]