Yesterday, Carl Icahn and Bruce Wasserstein of Lazard delivered a 342-page report arguing, in part, for the break-up of Time-Warner into four separate companies. Interestingly, unlike other proxy contests, Icahn reportedly stated that if his proxy battle for Time-Warner proved unsuccessful, he would not continue to press for changes at the company. I wonder if that statement represents a sign of a respectful retreat or an attempt to raise the stakes by warning shareholders that his bid may represent a one-time opportunity for them.
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1. Posted by Dale Wettlaufer on February 8, 2006 @ 10:46 | Permalink
I don't know about Icahn's intentions, but isn't it interesting he can become a major player in this story by having a synthetic ownership position in the stock (though call options funded, I believe, in part by the sale of put options). It makes a bit of a mockery of the idea of corporate democracy. This would be like a rich person standing by the polls on voting day and buying the franchise rights of any needy person who approaches. Icahn's believes he knows what will move the stock, but his time horizon of one day, month, or quarter might be entirely different and far more speculative than the time horizon of the rest of the investors in this company.
2. Posted by Isaac on February 9, 2006 @ 9:03 | Permalink
The Time Warner Book Group was just sold to Hachette (or so my sister, an employee, tells me).
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