Icahn’s bid for auto parts maker fails

Josh Kosman

New York Post

14th November 2016

Carl Icahn has failed in his bid to gain full control of auto parts maker The Post has learned. The billionaire activist needed to get a majority of the 18 percent of the stock in he doesn’t own to vote in favor of his $9. offer by 4 p.

m. Monday — but did not succeed, he said Tuesday morning. Icahn, in a statement, said he had only secured 23 percent of the shares of he does not own, well short of the roughly 50 percent he needs to take private.

The investor said he is extending his $9. 25 offer for the remaining shares for the second time — until midnight on Dec. 15.

Icahn did not raise the offer. Ironically, the stock market rally sparked by Icahn’s pal, Donald Trump, winning the presidential election put the takeover attempt by the activist investor behind the eight ball. ’s shares had rallied in recent sessions, and closed Monday up 1.

7 percent, to $9. 78. There is little point to tendering shares for a significantly lower price than a stock is trading, a source said.

“Institutional investors tend not to tender when it is better to sell into the market,” the source added, saying he knows of at least one investor who had tendered shares before Icahn’s offer was extended Nov. 1 and had since withdrawn the shares. who owns more than 36 percent of the slice of the auto parts maker, and appears to be angling for $13 a share, according to a report from the investor’s company.

Icahn wants to take the auto parts company private so there is no conflict with owning it and recently acquired auto parts retailer Pep Boys..


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