Shares of American International Group Inc (NYSE: AIG) were trading lower by more than 1.5 percent ahead of Tuesday's market open as activist investor Carl Icahn prepares to wage an activist battle against the company's management.
Carl Icahn stated in his latest letter to American International Group Inc (NYSE: AIG)'s board, "my hope [is] that...the board will take matters into its own hands if management still resists drastic change." Analysts at Barclays view this as "Icahn taking every effort to pressure AIG's board to push CEO Peter Hancock to break up the
Shares of Pep Boys-Manny Moe and Jack (NYSE: PBY) were trading higher by more than 6 percent early Tuesday morning after Carl Icahn's Icahn Enterprises LP (NASDAQ: IEP) raised its bid to acquire the company to $18.50 per share.
Icahn Enterprises LP (NASDAQ: IEP)'s Carl Icahn said on Wednesday it is committed to paying around $1 billion to acquire Pep Boys-Manny Moe and Jack (NYSE: PBY) and will beat any new offer Bridgestone makes by $0.10 a share.
Carl Icahn on Monday disclosed his long equity stakes (and those of his several funds) as of September 30, 2015.
His equity portfolio continued to be focused on information technology and industrial stocks. However, its market value fell from $31.2 billion in the second quarter to $27.87 billion by the end of the third quarter of the year.
There has been a heated debate on Wall Street as to whether activist investors are beneficial to both shareholders and companies. Over the past few years, activist investing has taken off, with several big name players pushing for change at some of the world's largest companies.