Rumor: Icahn To Push For Walgreen Inversion Deal

Walgreen Co. WAG spiked Friday on an unconfirmed rumor that activist investor Carl Icahn will announce a stake in the company and push get a so-called tax inversion deal completed. As of noon Friday there were no filings concerning an Icahn acquisition of Walgreen shares at the Securities and Exchange Commission. Walgreen shares spiked earlier but were trading recently at $63.92 a share, up 2.3 percent. Walgreen earlier this year had been pushed by activist investors including Barry Rosenstein of Jana Partners to consider a tax inversion in connection with its $15.3 billion acquisition of Swiss-based Alliance Boots. But Walgreen last month backed out moving its headquarters in the face of intense public pressure. Published estimates have suggested an inversion could lower taxes for the retailer by nearly $1 billion annually.