AIG Vs. Carl Icahn Part II

| About: American International (AIG)


Carl Icahn is prepping for a fight.

Both AIG and Xerox are in his sights.

Nexstar’s acquisition of Media General signed.

Welcome to the Proxy Battle Brewing issue of M&A Daily.

American International Group

Most large shareholders understand that a simple truth is this company … should be split and you should get somebody that understands the property-and-casualty business to run that.

- Carl Icahn

American International Group (NYSE:AIG) management's new plan didn't impress Carl Icahn. He thinks that the plan fails in many respects. One concern is that it maintains AIG's status as a systematically important financial institution/SIFI. As such, it would remain under the burden of additional obtrusive government intervention.

Next step? Expect to get a proxy in the mail from Icahn. His next move on AIG is due by February 13. Meanwhile, he has until January 29 to decide what he wants to do regarding a potential proxy battle with Xerox (NYSE:XRX) if they don't first announce a settlement on Friday's quarterly conference call.

Media General

Media General (NYSE:MEG) got out of their deal with Meredith (NYSE:MDP) and into a new acquisition by Nexstar (NASDAQ:NXST).

Click to enlarge

Click to enlarge

Click to enlarge


The first amendment to the S-4 has been filed for the Western Digital (NYSE:WDC) acquisition of SanDisk (SNDK). WDC management expects the deal to close in the second quarter, sooner than their previous estimates.


EMC (EMC) announced fourth-quarter earnings. Its acquisition by Dell is progressing under the original terms and timeline.

Constant Contact

Endurance (NASDAQ:EIGI) announced an offering of $350 million in senior unsecured notes due in 2024. It will use the proceeds to fund its acquisition of Constant Contact (NASDAQ:CTCT).


Zoomlion confirmed its non-binding offer for Terex (NYSE:TEX). Talks are ongoing.


Anthem (NYSE:ANTM) reported fourth-quarter earnings. Their management expects its acquisition of Cigna (NYSE:CI) to be completed in the second-half of 2016.

BG Group

Royal Dutch Shell (NYSE:RDS.A) shareholders approved its acquisition of BG Group (OTCQX:BRGYY). The company adds that if BG Group holders approve the deal on January 28th, the deal will close on February 15th.

Health Net

Centene (NYSE:CNC) reported preliminary fourth-quarter results. Management expects an early 2016 close for its acquisition of Health Net (NYSE:HNT).


Baxalta (BXLT) commenced the underwriting of a public $1.45 billion offering of its stock currently owned by Baxter (NYSE:BAX). Baxter will exchange the stock in a debt-for-equity deal.

Campus Crest

Campus Crest (NYSE:CCG) shareholders approved its acquisition by Harrison Street. Management expects the merger to close by March. More to come in future editions of M&A Daily

Elsewhere on Seeking Alpha

Disclosure: I am/we are long AIG, MEG, SNDK, EMC, CTCT, CI, CCG, BXLT.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: Chris DeMuth Jr and Andrew Walker are portfolio managers at Rangeley Capital. Rangeley invests with a margin of safety by buying securities at deep discounts to their intrinsic value and unlocking that value through corporate events. In order to maximize total returns for our investors, we reserve the right to make investment decisions regarding any security without further notification except where such notification is required by law.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.