Icahn boosts BEA stake, calls for sale of company
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BOSTON/WASHINGTON  - Billionaire investor Carl Icahn has increased his stake in BEA Systems Inc  to 8.5 percent and on Friday urged the company's board to put the business software maker up for sale.
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NEW YORK/BOSTON  - Billionaire investor Carl Icahn said on Tuesday he will seek a seat on Motorola Inc.'s  board and has taken a stake in the mobile phone maker, aiming to convince it to do a big share buyback.
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BEA Systems&#39; largest shareholder is demanding that its board of directors allow shareholders to vote on a&#160;$17-per-share purchase offer from Oracle, which is set to expire at 5 p.m. Pacific Time Sunday.Carl Icahn, who holds more than 58 million shares of BEA stock, said in a statement that he has begun lawsuit proceedings in Delaware to force an annual shareholder meeting &quot;before any scorched earth transactions (such as stock issuances, asset sales, acquisitions or similar occurrences) take place at BEA, other than transactions that are approved by shareholders.&quot;The investor accused BEA&#39;s board of intending &quot;to find ways to derail a sale and maintain your control of the company.&quot;&#160;BEA&#39;s board has repeatedly rejected Oracle&#39;s bid&#160;to buy the company,&#160;demanding $21 per share. Oracle&#39;s offer amounts to $6.7 billion, while BEA&#39;s demand works out to $8.3 billion. Oracle has called that price &quot;impossibly high.&quot;Icahn said BEA can avoid litigation if it conducts an auction sale, allowing shareholders to consider offers from the highest bidder.&quot;BEA should not allow the stalking horse bid from Oracle to disappear (failure to take the Oracle bid as a stalking horse would be a grave dereliction of your fiduciary duty in my view),&quot; he wrote. &quot;But if no topping bid arises it should be up to the BEA shareholders to decide whether to take the Oracle bid or remain as an independent Company.&quot;Icahn also demanded that &quot;BEA should agree not to take any action that would dilute voting by issuing stock, entrench management or derail a potential sale of BEA.&quot;Shares of BEA stock closed at $16.50 and were trading at $16.75 after hours on Friday.A BEA spokesman could not immediately be reached for comment.
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Activist investor Carl Icahn has made a $2.43 billion offer for auto parts supplier Lear Corp. , the two parties said on Monday.
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After shooing away Oracle Corp.'s $6.7 billion takeover bid, business software maker BEA Systems Inc. dug in its heels for a potentially disruptive battle with its largest shareholder, activist investor Carl Icahn.
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A real estate company majority-owned by billionaire Carl Icahn offered on Monday to acquire Reckson Associates Realty Corp.  and an affiliate company for $49 per share, or a total of $4.3 billion in cash and stock.
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After allowing Oracleâs buyout offer to expire on Sunday, BEA Systems defended its inaction in a letter to its largest shareholder, Carl C. Icahn, saying the offer was simply too low.
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Motorola Inc.  said on Tuesday that billionaire investor Carl Icahn will seek a seat on the board and has taken a 1.4 percent stake in the company, pushing the cell phone maker's shares up more than 6 percent.
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Carl Icahn raised his bid for Lear Corp. by 3.5 percent to $2.9 billion after opposition from investors. The auto parts maker delayed a vote on the sale again, by four days to July 16.
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The investor Carl C. Icahn bid $955.9 million yesterday for WCI Communities, the Florida builder of condominiums and single-family homes, after saying he wanted to oust the board because the stock was undervalued.
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Veteran financier Carl Icahn said he and a group of investors are willing to buy Mylan Laboratories Inc. for $20 per share, according to a Friday filing with the Securities and Exchange Commission.
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Lear Corp.  shares rose as much  as 6.4 percent on Tuesday on expectations the U.S. auto parts  maker could command a higher price than the $36 per share  activist investor Carl Icahn has offered.
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Pharmaceutical stocks were in the spotlight Thursday with news that investor Carl Icahn&#39;s was given a green light to buy a sizable chunk of Mylan Laboratories Inc.
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Billionaire financier Carl Icahn has acquired an 8.4 percent stake in movie rental chain Hollywood Entertainment Corp., according to a regulatory filing on Friday.
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The billionaire financier Carl C. Icahn offered yesterday to buy the generic drug maker Mylan Laboratories for about $5.4 billion in an effort to force Mylan to drop its proposed acquisition of King Pharmaceuticals.
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Billionaire investor Carl Icahn said  on Friday a sale of BEA Systems Inc  to a strategic  acquirer would maximize the value of its shares and that he  might seek to nominate directors to the software maker&#39;s board.
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Activist investor Carl Icahn has made a $2.43 billion offer for U.S. auto parts supplier Lear Corp. , the two parties said on Monday.