These days, Icahn enjoys so much fame that one only has to mention that Carl Icahn has taken a stake in certain stocks, and those stocks will go up. For instance, in November 2010, regulatory filings showed that he had taken stakes in the toy maker Mattel and the building products company Masco. Mattel’s shares jumped to a 52-week high. Masco’s are up about 17%t since he bought the stake.
If the company does not go up on its own, Icahn will make sure it does by twisting the arms of the management. Chesapeake Energy Corporation (CHK) is one example offer by Janet Morrisey:
Last December, such a call came through at the Chesapeake Energy Corporation in Oklahoma City. That month Mr. Icahn announced that he had accumulated a 5.8 percent stake in the company.
Chesapeake’s chief executive, Aubrey K. McClendon, met with Mr. Icahn to discuss his concerns over how much the company was spending and its valuation. Two months later, Mr. McClendon disclosed plans to sell $5 billion in assets and other changes to increase the company’s value. Mr. Icahn bought in at $21. Chesapeake’s stock price closed at $32.73 on Friday.
The article has a few good stories on how Icahn became who he is, where he is heading at 75, who will succeed him, and some of the people he found himself with in the court room: Donald Trump and Bill Ackman.
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