Carl Icahn
Overview
 
Carl Celian Icahn is an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 business magnate
Business magnate
A business magnate, sometimes referred to as a capitalist, czar, mogul, tycoon, baron, oligarch, or industrialist, is an informal term used to refer to an entrepreneur who has reached prominence and derived a notable amount of wealth from a particular industry .-Etymology:The word magnate itself...

 and investor.
Icahn was raised in Far Rockaway, Queens
Far Rockaway, Queens
Far Rockaway is a neighborhood on the Rockaway Peninsula in the New York City borough of Queens in the United States. It is the easternmost section of the Rockaways. The neighborhood starts at the Nassau County line and extends west to Beach 32nd Street. The neighborhood is part of Queens Community...

, New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

, where he attended Far Rockaway High School
Far Rockaway High School
Far Rockaway High School, a public high school in the public school system of New York City, was located on Bay 25 Street in Far Rockaway in the borough of Queens, as part of the New York City Department of Education. The school was founded in 1897, with Sanford J. Ellsworth as principal for over...

. His father was a cantor
Cantor in Reform Judaism
The cantor in the Reform movement is a clergy member who fills a diverse role within the Jewish community. Cantors lead worship, officiate at lifecycle events, teach adults and children, run synagogue music programs, and offer pastoral care...

, his mother was a schoolteacher. He was educated at Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....

 (A.B.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...

, philosophy
Philosophy
Philosophy is the study of general and fundamental problems, such as those connected with existence, knowledge, values, reason, mind, and language. Philosophy is distinguished from other ways of addressing such problems by its critical, generally systematic approach and its reliance on rational...

, 1957) and New York University School of Medicine
New York University School of Medicine
The New York University School of Medicine is one of the graduate schools of New York University. Founded in 1841 as the University Medical College, the NYU School of Medicine is one of the foremost medical schools in the United States....

, but left without graduating.

Icahn began his career on Wall Street in 1961. In 1968, he formed Icahn & Co., a securities firm that focused on risk arbitrage
Risk arbitrage
Risk arbitrage, or merger arbitrage, is an investment or trading strategy often associated with hedge funds.Two principal types of merger are possible: a cash merger, and a stock merger. In a cash merger, an acquirer proposes to purchase the shares of the target for a certain price in cash...

 and options trading
Option (finance)
In finance, an option is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in that transaction, while the seller incurs the...

. In 1978, he began taking control of positions in individual companies.
Discussions
Encyclopedia
Carl Celian Icahn is an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 business magnate
Business magnate
A business magnate, sometimes referred to as a capitalist, czar, mogul, tycoon, baron, oligarch, or industrialist, is an informal term used to refer to an entrepreneur who has reached prominence and derived a notable amount of wealth from a particular industry .-Etymology:The word magnate itself...

 and investor.

Biography

Icahn was raised in Far Rockaway, Queens
Far Rockaway, Queens
Far Rockaway is a neighborhood on the Rockaway Peninsula in the New York City borough of Queens in the United States. It is the easternmost section of the Rockaways. The neighborhood starts at the Nassau County line and extends west to Beach 32nd Street. The neighborhood is part of Queens Community...

, New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

, where he attended Far Rockaway High School
Far Rockaway High School
Far Rockaway High School, a public high school in the public school system of New York City, was located on Bay 25 Street in Far Rockaway in the borough of Queens, as part of the New York City Department of Education. The school was founded in 1897, with Sanford J. Ellsworth as principal for over...

. His father was a cantor
Cantor in Reform Judaism
The cantor in the Reform movement is a clergy member who fills a diverse role within the Jewish community. Cantors lead worship, officiate at lifecycle events, teach adults and children, run synagogue music programs, and offer pastoral care...

, his mother was a schoolteacher. He was educated at Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....

 (A.B.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...

, philosophy
Philosophy
Philosophy is the study of general and fundamental problems, such as those connected with existence, knowledge, values, reason, mind, and language. Philosophy is distinguished from other ways of addressing such problems by its critical, generally systematic approach and its reliance on rational...

, 1957) and New York University School of Medicine
New York University School of Medicine
The New York University School of Medicine is one of the graduate schools of New York University. Founded in 1841 as the University Medical College, the NYU School of Medicine is one of the foremost medical schools in the United States....

, but left without graduating.

Icahn began his career on Wall Street in 1961. In 1968, he formed Icahn & Co., a securities firm that focused on risk arbitrage
Risk arbitrage
Risk arbitrage, or merger arbitrage, is an investment or trading strategy often associated with hedge funds.Two principal types of merger are possible: a cash merger, and a stock merger. In a cash merger, an acquirer proposes to purchase the shares of the target for a certain price in cash...

 and options trading
Option (finance)
In finance, an option is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in that transaction, while the seller incurs the...

. In 1978, he began taking control of positions in individual companies. He has taken substantial or controlling positions in various corporations including RJR Nabisco
RJR Nabisco
RJR Nabisco, Inc., was an American conglomerate formed in 1985 by the merger of Nabisco Brands and R.J. Reynolds Tobacco Company. RJR Nabisco was purchased in 1988 by Kohlberg Kravis Roberts & Co...

, TWA
Trans World Airlines
Trans World Airlines was an American airline that existed from 1925 until it was bought out by and merged with American Airlines in 2001. It was a major domestic airline in the United States and the main U.S.-based competitor of Pan American World Airways on intercontinental routes from 1946...

, Texaco
Texaco
Texaco is the name of an American oil retail brand. Its flagship product is its fuel "Texaco with Techron". It also owns the Havoline motor oil brand....

, Phillips Petroleum
Phillips Petroleum
Phillips Petroleum Company was founded in 1917 by L.E. Phillips and Frank Phillips, of Bartlesville, Oklahoma. Their younger brother Waite Phillips was the benefactor of Philmont Scout Ranch....

, Western Union
Western Union
The Western Union Company is a financial services and communications company based in the United States. Its North American headquarters is in Englewood, Colorado. Up until 2006, Western Union was the best-known U.S...

, Gulf & Western
Gulf+Western
Gulf and Western Industries, Inc., for a number of years known as Gulf+Western, was an American conglomerate.- History :Gulf and Western's prosaic origins date to a manufacturer named Michigan Bumper Co. founded in 1934, though Charles Bluhdorn treated his 1958 takeover of what was then Michigan...

, Viacom
Viacom
Viacom Inc. , short for "Video & Audio Communications", is an American media conglomerate with interests primarily in, but not limited to, cinema and cable television...

, Uniroyal
United States Rubber Company
The United States Rubber Company was founded in Naugatuck, Connecticut in 1892. It was one of the original 12 stocks in the Dow Jones Industrial Average, and became Uniroyal Inc...

, Dan River
Dan River
The Dan River flows in the U.S. states of North Carolina and Virginia. It originates in Patrick County, Virginia, and crosses the state border into Stokes County, North Carolina. It then flows into Rockingham County. From there it goes back into Virginia. It reenters North Carolina near the...

, Marshall Field's
Marshall Field's
Marshall Field & Company was a department store in Chicago, Illinois that grew to become a major chain before being acquired by Macy's Inc...

, E-II (Culligan
Culligan
Culligan is an international water purification company headquartered in Rosemont, Illinois. Culligan specializes in water softeners, water filtration systems and bottled water for residential and office applications....

 and Samsonite
Samsonite
The Samsonite Corporation makes luggage with its products ranging from large suitcases to small toiletries bags and briefcases. It was started in Denver, Colorado, USA in 1910 byJesse Shwayder, as the Shwayder Trunk Manufacturing Company. Shwayder named one of his initial cases "Samson", after the...

), American Can, USX
U.S. Steel
The United States Steel Corporation , more commonly known as U.S. Steel, is an integrated steel producer with major production operations in the United States, Canada, and Central Europe. The company is the world's tenth largest steel producer ranked by sales...

, Marvel Comics
Marvel Comics
Marvel Worldwide, Inc., commonly referred to as Marvel Comics and formerly Marvel Publishing, Inc. and Marvel Comics Group, is an American company that publishes comic books and related media...

, Revlon
Revlon
Revlon is an American cosmetics, skin care, fragrance, and personal care company founded in 1932.-History:Revlon was founded in the midst of the Great Depression, 1932, by Charles Revson and his brother Joseph, along with a chemist, Charles Lachman, who contributed the "L" in the Revlon name...

, Imclone
ImClone Systems
ImClone Systems Incorporated is a biopharmaceutical company dedicated to developing biologic medicines in the area of oncology. It was founded in 1984 and is headquartered in New York City. On October 6, 2008, it accepted a $6.5 billion acquisition offer from Eli Lilly and Company, and became a...

, Federal-Mogul
Federal-Mogul
Federal-Mogul Corporation is a global automotive supplier based in Southfield, Michigan, USA. It is one of the leading engine-parts suppliers in the United States, including engine bearings, pistons, piston pins, piston rings, cylinder liners, valve seats and guides, transmission products and...

, Fairmont Hotels
Fairmont Hotels and Resorts
Fairmont Hotels & Resorts is a Canadian-based operator of luxury hotels and resorts. Currently, Fairmont operates properties in 18 countries including Canada, the United States, Mexico, Bermuda, Barbados, United Kingdom, Monaco, Germany, Switzerland, Egypt, Kenya, Tanzania, South Africa, the...

, Blockbuster, Kerr-McGee
Kerr-McGee
The Kerr-McGee Corporation, founded in 1929, was an energy company involved in the exploration and production of oil and gas. On June 23, 2006, Houston-based Anadarko Petroleum Corporation agreed to acquire Kerr-McGee in an all-cash transaction totaling $16.5 billion plus the assumption of $2.6...

, Time Warner
Time Warner
Time Warner is one of the world's largest media companies, headquartered in the Time Warner Center in New York City. Formerly two separate companies, Warner Communications, Inc...

 and Motorola
Motorola
Motorola, Inc. was an American multinational telecommunications company based in Schaumburg, Illinois, which was eventually divided into two independent public companies, Motorola Mobility and Motorola Solutions on January 4, 2011, after losing $4.3 billion from 2007 to 2009...

.

Business career and interests

In 2004, Icahn purchased a large block of stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...

 of Mylan Laboratories, after Mylan had announced a deal to acquire King Pharmaceuticals
King Pharmaceuticals
King Pharmaceuticals , was the world's 39th largest pharmaceutical company, based in Bristol, Tennessee. However, on October 12, 2010, King was acquired by Pfizer for $14.25 per share. King produced a wide range of pharmaceuticals, including Altace for heart attack prevention, Levoxyl for...

. Icahn threatened a proxy fight
Proxy fight
A proxy fight or proxy battle is an event that may occur when a corporation's stockholders develop opposition to some aspect of the corporate governance, often focusing on directorial and management positions. Corporate activists may attempt to persuade shareholders to use their proxy votes A proxy...

 over the acquisition, on the ground that the deal required Mylan to overpay. In early 2005, Mylan gave up its efforts to acquire King, but according to the management, the decision was made after it monitored relevant facts, not due to pressure from Icahn.

In 2006, Icahn sold his stake in KT&G
KT&G
KT&G is the leading tobacco company in South Korea with annual sales over $2 billion USD...

 (Korea Tobacco & Ginseng) for a substantial profit.

In 2007, Icahn and his affiliates owned majority positions in firms including ACF Industries, American Railcar Industries, XO Communications
XO Communications
XO Communications is a telecommunications company owned by XO Holdings, Inc...

, Philip Services, and NYSE-listed Icahn Enterprises, formerly known as American Real Estate Partners
American Real Estate Partners
Icahn Enterprises is a diversified holding company based in the General Motors Building in New York City, New York.-History:...

.

Icahn made an attempted run as a major shareholder of Time Warner, owning about 3.3% of the company valued at billions of dollars. He has been actively seeking to influence the direction of Time Warner, often in conflict with its former chief executive, Richard Parsons. Although Time Warner recently sold 5% of its AOL division, Icahn has been pressing for additional action to increase shareholder value. On February 7, 2006, a group led by Icahn and Lazard Frères CEO Bruce Wasserstein
Bruce Wasserstein
Bruce Jay Wasserstein was an American investment banker and businessman. He was a graduate of the McBurney School, University of Michigan, Harvard Business School, and Harvard Law School, and spent a year at Cambridge University...

 unveiled a 343-page proposal calling for the breakup of Time Warner into four companies and stock buybacks
Share repurchase
Stock repurchase is the reacquisition by a company of its own stock. In some countries, including the U.S. and the UK, a corporation can repurchase its own stock by distributing cash to existing shareholders in exchange for a fraction of the company's outstanding equity; that is, cash is exchanged...

 totaling approximately $20 billion. On February 17, 2006, the Icahn-led group agreed with Time Warner to not contest the re-election of Time Warner's slate of board members at the 2006 shareholders meeting. In exchange for the Icahn group's cooperation, Time Warner would buy back up $20 billion of stock, nominate more independent members to the board of directors, cut $1 billion of costs by 2007, and continue discussions with the Icahn group over their proposal, particularly on the future of Time Warner Cable
Time Warner Cable
Time Warner Cable is an American cable television company that operates in 28 states and has 31 operating divisions...

.

In 2008, Icahn showed interest in the takeover of Yahoo!
Yahoo!
Yahoo! Inc. is an American multinational internet corporation headquartered in Sunnyvale, California, United States. The company is perhaps best known for its web portal, search engine , Yahoo! Directory, Yahoo! Mail, Yahoo! News, Yahoo! Groups, Yahoo! Answers, advertising, online mapping ,...

 and the ousting of Jerry Yang from his position as CEO to allow Microsoft
Microsoft
Microsoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...

 to purchase the web company.

Icahn sold his casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...

 interests in Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...

 on 21 February 2008. They included the Stratosphere
Stratosphere Las Vegas
Stratosphere Las Vegas is a tower, hotel, and casino located on the Las Vegas Strip in Las Vegas, Nevada, United States. Its tower is also the tallest observation tower, and the 5th-tallest structure, in the United States, as well as being the tallest structure in Las Vegas.It is owned by Whitehall...

, Arizona Charlie's Boulder
Arizona Charlie's Boulder
Arizona Charlie's Boulder Hotel & Casino is a 301 room hotel and a locals casino located in Paradise, Nevada. Owned by American Casino & Entertainment Properties, it is on Boulder Highway between the Boulder Station and the Sam's Town.-History:...

, Arizona Charlie's Decatur
Arizona Charlie's Decatur
Arizona Charlie's Decatur is a 258 room casino hotel with a locals casino in the Charleston Heights area of Las Vegas, Nevada.-History:Arizona Charlie's Decatur are the results of original efforts by the Becker family, long established developers in Las Vegas. In 1963, just south of a shopping...

, and Aquarius Casino Resort
Aquarius Casino Resort
Aquarius Casino Resort is the largest hotel and casino located in Laughlin, Nevada, United States. Owned by American Casino & Entertainment Properties, it has 1,907 rooms and suites in two, 18-story towers that overlook the Colorado River...

 which are operated through American Entertainment Properties
American Casino & Entertainment Properties
American Casino & Entertainment Properties is a casino holding company headquartered at the Stratosphere Las Vegas. ACEP was a wholly owned subsidiary of American Real Estate Partners before it was sold to Whitehall Street Real Estate Funds in February 2008...

, a subsidiary of Icahn's major company, Icahn Enterprises. The sale price of $1.3 billion was roughly $1 billion more than he paid for the properties.

In June 2008, Icahn launched The Icahn Report which campaigns for shareholder rights.* It hosts United Shareholders of America where individual investors can sign up and take part.

Icahn was a director of Blockbuster until January 2010, and the chairman of Imclone, Icahn Enterprises, XO Communications, WestPoint Home
WestPoint Home
WestPoint Home is a conglomerate corporation that dates back over 200 years through the companies that have merged together. Beginning with J.P. Stevens & Co., Inc...

, Cadus, and American Railcar Industries. He is a beneficial owner
Beneficial owner
Beneficial owner is a legal term where specific property rights in equity belong to a person even though legal title of the property belongs to another person. Black's Law Dictionary...

 of Adventrx Pharmaceuticals, Vector Group and has had significant holdings in Time Warner
Time Warner
Time Warner is one of the world's largest media companies, headquartered in the Time Warner Center in New York City. Formerly two separate companies, Warner Communications, Inc...

. Icahn tried to take over Marvel Comics
Marvel Comics
Marvel Worldwide, Inc., commonly referred to as Marvel Comics and formerly Marvel Publishing, Inc. and Marvel Comics Group, is an American company that publishes comic books and related media...

, coming into conflict with Avi Arad
Avi Arad
Avi Arad is an Israeli-American businessman. He became the CEO of the company Toy Biz in the 1990s, and soon afterward became the chief creative officer of Marvel Entertainment, a Marvel director, chairman, CEO and the founder of Marvel Studios....

, Ron Perelman, and Ike Perlmutter. Marvel ended up being acquired by The Walt Disney Company
The Walt Disney Company
The Walt Disney Company is the largest media conglomerate in the world in terms of revenue. Founded on October 16, 1923, by Walt and Roy Disney as the Disney Brothers Cartoon Studio, Walt Disney Productions established itself as a leader in the American animation industry before diversifying into...

 in late 2009.

Icahn's hedge funds currently own 5.6% of biotechnology company Biogen Idec
Biogen Idec
Biogen Idec, Inc. is a biotechnology company specializing in drugs for neurological disorders, autoimmune disorders and cancer. The company was formed in 2003 by the merger of Cambridge, Massachusetts-based Biogen Inc. and San Diego, California-based IDEC Pharmaceuticals...

. Beginning in 2007, Icahn has steadily increased his stake in Biogen, seeking to possibly acquire, break up, and/or sell off various parts of the company. As of June, 2009, Icahn has managed to seat two of his allies on Biogen's board with the apparent goal of splitting the company into two entities and possibly replacing CEO James C. Mullen, of whom he has been highly critical.

In July 2010, Icahn acquired 14 percent stake in Mentor Graphics
Mentor Graphics
Mentor Graphics, Inc is a US-based multinational corporation dealing in electronic design automation for electrical engineering and electronics, as of 2004, ranked third in the EDA industry it helped create...

 because of which Mentor Graphics signed a Poison Pill
Poison pill
A shareholder rights plan, colloquially known as a "poison pill", or simply "the pill" is a type of defensive tactic used by a corporation's board of directors against a takeover...

 provision. As of September 2010, Icahn owns just less than 15 percent of Mentor Graphics
Mentor Graphics
Mentor Graphics, Inc is a US-based multinational corporation dealing in electronic design automation for electrical engineering and electronics, as of 2004, ranked third in the EDA industry it helped create...

. On 22 February 2011 he made an offer to buy Mentor Graphics
Mentor Graphics
Mentor Graphics, Inc is a US-based multinational corporation dealing in electronic design automation for electrical engineering and electronics, as of 2004, ranked third in the EDA industry it helped create...

 for about $1.86 billion in cash in a move to push other suitors to declare themselves.

Recent developments

  • XO Holding in 2005 announced to sell the wired part of its business for $700 million to its majority shareholder and Chairman Icahn himself to pay back its debts and buy back its preferred stock for about $600 million – all owned by Icahn himself. He would end up owning XO's traditional wired phone business outright, and still own his 60 percent stake in what would be left of XO. In the SEC filings, XO explained that a special committee of its BOD weighed Icahn's bid and declared it the best interest to shareholders. Investment bankers determined Icahn's offer to be "fair." And the stockholders would approve the transaction because Icahn owned 60% of the common stock and the directors, named by Icahn, hired the investment bankers to put their stamp of approval on his offer. However, R2 and other minority shareholders successfully defeated the attempt and the Delaware Court On March 31, 2008 entered a final judgment order: 1. Reduced by 1.5% of the interest on the debt held by Icahn; 2. Waived, through the due date of July 15, 2009 for any breach of the financial covenants with the Chairman; 3. Awarded $8 million to R2's and other minority shareholders’ attorneys at Icahn's cost and other damages to the business caused by Carl Icahn's self-dealing and/or conflict of interest.
  • In August 2006, he bought stock in the video game publisher Take-Two Interactive
    Take-Two Interactive
    Take-Two Interactive Software, Inc. is a major American publisher, developer, and distributor of video games and video game peripherals. Take-Two wholly owns 2K Games and Rockstar Games. The company's headquarters are in New York City, with international headquarters in Windsor, United Kingdom...

    . He increased his stake to 11.3% on December 21, 2009, making him the company's second largest shareholder.
  • In January 2007, he purchased a 9.2% stake in Telik (Nasdaq: TELK), a biotech company engaged in cancer research, because he believed its shares were undervalued.
  • On January 16, 2007 it was disclosed in a Securities and Exchange Commission filing that Icahn is the beneficial owner of 14.57%, or 6.1 million shares, of WCI Communities
    WCI Communities
    WCI Communities, Inc. is an American home builder. The company offers single family and condominium homes. WCI also provides design, construction, financing, land purchases, marketing, and community management services. The company operates realty, mortgage, and title businesses. WCI is based in...

     (NYSE: WCI) http://www.wcicommunities.com. In the filing Icahn indicated that he intends to contact WCI to discuss how to "unlock the inherent value" of its shares.
  • On January 30, 2007 Motorola
    Motorola
    Motorola, Inc. was an American multinational telecommunications company based in Schaumburg, Illinois, which was eventually divided into two independent public companies, Motorola Mobility and Motorola Solutions on January 4, 2011, after losing $4.3 billion from 2007 to 2009...

     (NYSE: MOT) said it received notice that Icahn owns about 33.5 million shares, representing a 1.39% interest in the company and pressed for a seat on its board. But he was turned down by the majority of the stock holders in the election for Board Directors which was held on May 8.
  • On February 9, 2007, Lear Corporation's (NYSE: LEA) board of directors agreed to a $2.3 billion takeover offer from Icahn, pending a 45 day solicitation period for other offers, which it did not receive, and shareholder approval.
  • On February 27, 2007, Icahn invested $50 million in Motricity
    Motricity
    Motricity was formed in 2001 by Ryan Wuerch to provide integrated mobile content solutions for handheld and mobile devices. Originally formed as PowerByHand, the company changed its name to Motricity in October 2004 after its merger with Pinpoint Networks...

    , a North Carolina-based provider of mobile content delivery technology.
  • During April, 2007, Icahn successfully pressured Medimmune (MEDI) to consider takeover bids. The company was bought out by AstraZeneca
    AstraZeneca
    AstraZeneca plc is a global pharmaceutical and biologics company headquartered in London, United Kingdom. It is the world's seventh-largest pharmaceutical company measured by revenues and has operations in over 100 countries...

    .
  • On May 7, 2007, Icahn's quest for a board seat on Motorola is effectively ended, as the company announced the next day that in a preliminary count of the votes for board members Icahn did not have enough to be elected. Icahn stated that he would not sell his shares in the company.
  • On September 14, 2007, Icahn disclosed his ownership of 8.5% of outstanding shares in business software company BEA Systems
    BEA Systems
    BEA Systems, Inc. specialized in enterprise infrastructure software products known as "middleware", which connect software applications to databases and was acquired by Oracle Corporation on April 29, 2008.- History :...

    . BEA Systems shares rose more than 4% after Icahn disclosed his stake in a filing with the Securities and Exchange Commission. In the filing, Icahn, known for forcefully pushing an agenda at companies where he acquires ownership, suggested that BEA Systems should put itself up for sale. By September 21, Icahn increased his stake to 9.88% of BEA, and on October 3, to 11.05%, and then to 13.22% on October 4, 2007. On January 16, 2008, Oracle Corporation
    Oracle Corporation
    Oracle Corporation is an American multinational computer technology corporation that specializes in developing and marketing hardware systems and enterprise software products – particularly database management systems...

     announced it was purchasing BEA Systems.
  • On February 21, 2008, Carl Icahn sold his American Casino & Entertainment Properties which owned four casinos in Southern Nevada (3 in Las Vegas, and one in Laughlin).The announcement had been made on April 23, 2007. The purchaser was an affiliate of Goldman Sachs and the price was $1.3 billion.
  • On March 9, 2008, a story about Carl Icahn aired on American
    United States
    The United States of America is a federal constitutional republic comprising fifty states and a federal district...

     news program, 60 minutes
    60 Minutes
    60 Minutes is an American television news magazine, which has run on CBS since 1968. The program was created by producer Don Hewitt who set it apart by using a unique style of reporter-centered investigation....

    , with reporter Leslie Stahl.
  • On March 21, 2008 Icahn appeared on Nightly Business Report and discussed his views on proxy fights.
  • On March 24, 2008 Icahn sued Motorola as part of his efforts to gain 4 seats on Motorola's Board and force a sale of its mobile business.
  • On May 13, 2008 Carl Icahn purchased as many as 50 million shares of Yahoo, leaning toward launching a proxy contest.
  • On May 15, 2008 Icahn confirmed that he would be commencing a proxy fight
    Proxy fight
    A proxy fight or proxy battle is an event that may occur when a corporation's stockholders develop opposition to some aspect of the corporate governance, often focusing on directorial and management positions. Corporate activists may attempt to persuade shareholders to use their proxy votes A proxy...

     to remove Yahoo's Board of Directors in response to their "irrational" actions in rejecting Microsoft's takeover bid.
  • On June 18, 2008 Icahn launched The Icahn Report.
  • On July 21, 2008 Icahn agreed to join Yahoo's Board of Directors in a deal that would end the proxy fight
    Proxy fight
    A proxy fight or proxy battle is an event that may occur when a corporation's stockholders develop opposition to some aspect of the corporate governance, often focusing on directorial and management positions. Corporate activists may attempt to persuade shareholders to use their proxy votes A proxy...

    . According to the agreement, the Yahoo Board will expand by two directors to eleven members. Eight directors will stand for re-election while the remaining three seats will include Icahn and two nominees that Icahn will recommend.
  • In September/October 2008 Icahn has been involved in the attempted purchase of Imclone by Bristol Myers Squibb (which was turned down) and eventual sale of Imclone to Eli Lilly
    Eli Lilly and Company
    Eli Lilly and Company is a global pharmaceutical company. Eli Lilly's global headquarters is located in Indianapolis, Indiana, in the United States...

     in an all cash deal valued at $6.5bn. Icahn had described Bristol Myers Squibb's upwardly revised offer of $62 per share as "absurd".
  • In December 2008, Icahn filed suit against Realogy
    Realogy
    Realogy is a privately owned company that provides real estate and relocation services. It owns and franchises several of the industry's leading real estate brands and brokerages...

     over a proposed debt swap.
  • On April 20, 2009, Apparently, Carl Icahn's proxy battle for Amylin is an attempt to engineer a sale to Lilly. Icahn aims Amylin [AMLN] for sale to Lilly [LLY]
  • On Sept. 28, 2009, XO Holdings (XOHO) rejected Icahn's offer to buy out the remaining shares of XO he doesn't own already for 55 cents a share as "substantially undervalues" company. Icahn previously attempted to buy the telecom assets from XO but dropped the bid because of shareholders opposition. A lawsuit filed by the hedge fund and minority shareholder R2 in August, 2009 alleges Icahn as director and majority owner of XO - hurt shareholders by refusing refinance of the debts owned by Icahn when capital was easily available and repeatedly denying acquiring attempts at prices several times higher than Icahn’s offer. On October 26, 2009 Icahn raised his offer to 80 cents a share. The offer expired on the same day a filling disclosed its existence.
  • On Oct. 23rd, 2009, Icahn announced his resignation from the board of directors at Yahoo!
  • On Feb 16, 2010, it was revealed that Icahn had reduced his equity stake in Yahoo! from a one-time high of 75 million shares to 12 million shares.
  • On Feb. 18 , 2010, Icahn, through a subsidiary of his Icahn Enterprises LP, have acquired from Fontainebleau Las Vegas, LLC and certain affiliated entities the Fontainebleau property and improvements thereon located in Las Vegas, Nevada for an aggregate purchase price of approximately $150 million. Icahn is confident with the acquisition of the 70% complete Fontainebleau property stating that "The acquisition of the Fontainebleau property was a great opportunity to purchase a distressed asset that I believe has considerable value."
  • On March 8, 2010, a group of lenders, headed by Icahn, closed on the purchase of Tropicana Casino and Resort Atlantic City, bringing the company out of bankruptcy for $200 million.
  • On March 23, 2010, Lions Gate Films rejected a takeover bid.
  • On May 17, 2010, Icahn reported that he owns almost 12% of Hain Celestial Group Inc. (HAIN).
  • On May 25, 2010, Icahn reported that he bought an 8.54% stake in Lawson Software as of May 11. (LWSN).
  • On May 27, 2010, Icahn reported that he had accumulated a 6.9% stake in Mentor Graphics
    Mentor Graphics
    Mentor Graphics, Inc is a US-based multinational corporation dealing in electronic design automation for electrical engineering and electronics, as of 2004, ranked third in the EDA industry it helped create...

    . (MENT). On March 15, 2011, Mentor's board issued a strong warning to its shareholders against a proxy action by Icahn.
  • On February 11, 2011, Icahn reported that he had accumulated a 9.08% stake in The Clorox Company (CLX). Shares jumped over 9% that day on the news.
  • In January 2011, he again proposed to purchase all the XO Holder common stock he does not already own for $0.70 per share. The board hired JP Morgan for evaluation. On July 12, 2011, Icahn and his affiliates raised the price to $1.40. In addition to R2’s suit, five additional class actions complain the inadequacy of the offer and Icahn’s self-dealing and illegally depressing the stock price in order to take the company private cheaply and using the $3.5 billion NOLs by himself.
  • On July 15, 2011, Icahn offered to purchase The Clorox Company for $76.50 a share in a deal worth $12.6 billion. He then stated that if the deal falls through, he will pay Clorox $100 million.
  • On September 27, 2011, Icahn rumoured to have purchased a stake in Canadian telecoms company Research in Motion
    Research In Motion
    Research In Motion Limited or RIM is a Canadian multinational telecommunications company headquartered in Waterloo, Ontario, Canada that designs, manufactures and markets wireless solutions for the worldwide mobile communications market...

    , sending their share price up by as much as 7%. On October 17, 2011, Icahn denied the rumour.

Philanthropy

Icahn Stadium
Icahn Stadium
Icahn Stadium is a track and field venue located on Randall's Island, in New York City, and is one of only four Class 1 internationally certified tracks in the United States.-Overview:...

 on Randall's Island
Randall's Island
Randall's Island is situated in the East River in New York City, part of the borough of Manhattan. It is separated from Manhattan island on the west by the river's main channel, from Queens on the east by the Hell Gate, and from the Bronx on the north by the Bronx Kill. It is joined to Wards...

 in New York City is named after him, as is the Carl C. Icahn Center for Science and Icahn Scholar Program at Choate Rosemary Hall
Choate Rosemary Hall
Choate Rosemary Hall is a private, college-preparatory, coeducational boarding school located in Wallingford, Connecticut...

, a New England prep school. This organization pays for tuition, room and board, books, and supplies for 10 students every year for four years (freshman-senior), an expense that adds up to about $160,000 per student.

Icahn made a substantial donation to his alma mater
Alma mater
Alma mater , pronounced ), was used in ancient Rome as a title for various mother goddesses, especially Ceres or Cybele, and in Christianity for the Virgin Mary.-General term:...

, Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....

, to fund a genomics
Genomics
Genomics is a discipline in genetics concerning the study of the genomes of organisms. The field includes intensive efforts to determine the entire DNA sequence of organisms and fine-scale genetic mapping efforts. The field also includes studies of intragenomic phenomena such as heterosis,...

 laboratory
Laboratory
A laboratory is a facility that provides controlled conditions in which scientific research, experiments, and measurement may be performed. The title of laboratory is also used for certain other facilities where the processes or equipment used are similar to those in scientific laboratories...

 which bears his name, the Carl C. Icahn Laboratory at the University's Institute for Integrated Genomics
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....

. He also made a large donations to Mount Sinai Hospital, New York
Mount Sinai Hospital, New York
Mount Sinai Hospital, founded in 1852, is one of the oldest and largest teaching hospitals in the United States. In 2011-2012, Mount Sinai Hospital was ranked as one of America's best hospitals by U.S...

, of which he is a trustee, which in return named a building the Icahn Medical Institute designed by Davis Brody Bond.

His foundation, the Children's Rescue Fund, built Icahn House in The Bronx
The Bronx
The Bronx is the northernmost of the five boroughs of New York City. It is also known as Bronx County, the last of the 62 counties of New York State to be incorporated...

, a 65-unit complex for homeless families consisting of single pregnant women and single women with children, and operates Icahn House East and Icahn House West, both of which are homeless shelters located in New York City.

Icahn has received numerous awards, including the Starlight Foundation's Founders Award and its 1990 Man of the Year Award. He was also named Guardian Angel 2001 Man of the Year. In 2004, he was honored by the Center for Educational Innovation - Public Education Association for his work with charter school
Charter school
Charter schools are primary or secondary schools that receive public money but are not subject to some of the rules, regulations, and statutes that apply to other public schools in exchange for some type of accountability for producing certain results, which are set forth in each school's charter...

s. In 2006, he was honored with the 100 Women in Hedge Funds
100 Women in Hedge Funds
100 Women in Hedge Funds is an industry association for women who work in the hedge fund industry. Actual membership comprises more than 10,000 women active on 3 continents....

 Effecting Change Award for his outstanding contributions to improving education.

Wealth

In 2011 his net worth
Net worth
In business, net worth is the total assets minus total outside liabilities of an individual or a company. For a company, this is called shareholders' preference and may be referred to as book value. Net worth is stated as at a particular year in time...

 was US$12.5 billion, making him the 23rd richest American and the 61st richest man in the world.

King Icahn

In 1993, a book was written on the life of Carl Icahn by Mark Stevens
Mark Stevens (writer)
Mark Stevens, is a CEO, leading authority of marketing and management, an author and media commentator on the intersection of business and private life.Stevens is the author of several business-related books....

. Titled, "King Icahn" it is the only biography written on the wealthy business man.

Thoroughbred horse racing

In 1985 Carl Icahn established Foxfield Thoroughbreds, a horse breeding
Horse breeding
Horse breeding is reproduction in horses, and particularly the human-directed process of selective breeding of animals, particularly purebred horses of a given breed. Planned matings can be used to produce specifically desired characteristics in domesticated horses...

 operation. At that year's Newstead Farm Trust sale run by Fasig-Tipton
Fasig-Tipton
The Fasig-Tipton Company, Inc. is an auction house for Thoroughbred horses founded in 1898 by William B. Fasig and Edward A. Tipton. It is the oldest auction company of its kind in North America....

, he paid $4 million for Larida, a 6-year-old mare and a record $7 million for the 4-year-old bay mare Miss Oceana who was in foal to champion sire, Northern Dancer
Northern Dancer
Northern Dancer was a Canadian-bred Thoroughbred racehorse and the most successful sire of the 20th Century. The National Thoroughbred Racing Association calls him "one of the most influential sires in Thoroughbred history"....

.

Icahn's Meadow Star
Meadow Star
Meadow Star was an American Thoroughbred Champion racehorse Breeders' Cup Inc. calls "one of the greatest 2-year-old fillies ever."Foaled in Florida, Meadow Star was bred by Jaime Carrion at his The Oaks farm in Ocala...

 won the 1990 Breeders' Cup Juvenile Fillies
Breeders' Cup Juvenile Fillies
The Breeders' Cup Juvenile Fillies is a 1 1/16-mile thoroughbred horse race on dirt for two-year-old fillies run annually since 1984 at a different racetrack in the United States or Canada as part of the Breeders' Cup World Championships.-Automatic Berths:Beginning in 2007, the Breeders' Cup...

 and was voted the Eclipse Award for Outstanding Two-Year-Old Filly. In 1992, Foxfield ended its racing operation and became a commercial breeder. Having bred more than 140 stakes
Graded stakes race
A graded stakes race is a term applied since 1973 by the American Graded Stakes Committee of the Thoroughbred Owners and Breeders Association to thoroughbred horse races in the United States and Canada to describe races that derive their name from the stake, or entry fee, owners must pay...

 horses, in 2004 Icahn shut down Foxfield, selling all his mares and weanlings without reserve at the Keeneland Sales
Keeneland Sales
The Keeneland Sales is an American Thoroughbred auction house in Lexington, Kentucky founded in 1935 as a nonprofit racing/auction entity on 147 acres of farmland west of Lexington, which had been owned by Jack O. Keene...

 November breeding stock auction.

See also

  • Dan Raviv
    Dan Raviv
    Dan Raviv is an American journalist. He is a national correspondent for CBS News, heard regularly on the CBS Radio Network. He has also done TV reports from Washington, D.C...

  • Avi Arad
    Avi Arad
    Avi Arad is an Israeli-American businessman. He became the CEO of the company Toy Biz in the 1990s, and soon afterward became the chief creative officer of Marvel Entertainment, a Marvel director, chairman, CEO and the founder of Marvel Studios....

  • Toy Biz
  • T. Boone Pickens
  • Icahn Stadium
    Icahn Stadium
    Icahn Stadium is a track and field venue located on Randall's Island, in New York City, and is one of only four Class 1 internationally certified tracks in the United States.-Overview:...

  • Theo Botha
    Theo Botha
    Theophilous James Bennett Botha is a South African shareholder activist.He has queried many companies in the area of good corporate governance,ethics,executive compensation,environmental practices...

  • Mark Stevens (writer)
    Mark Stevens (writer)
    Mark Stevens, is a CEO, leading authority of marketing and management, an author and media commentator on the intersection of business and private life.Stevens is the author of several business-related books....

  • Steven A. Cohen
    Steven A. Cohen
    Steven "Steve" A. Cohen is an American hedge fund manager. He is the founder of SAC Capital Advisors, a Stamford, Connecticut-based hedge fund focusing primarily on equity market strategies....

     - Hedge-fund manager

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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