Icahn Enterprises L.P.NYSE
Tue, Sep. 6, 12:08 PM
- A subsidiary of Icahn Enterprises (IEP +1.8%) fires off an offer to acquire the remaining shares of Federal-Mogul (FDML) it doesn't own for $9.25 per share in an all-cash transaction.
- Icahn Enterprises made an offer earlier this year at $7.00 per share.
- Federal-Mogul’s board has recommended that Federal-Mogul stockholders accept the offer and tender their shares.
- Shares of FDML are currently halted.
- Source: Press Release
Mon, Feb. 29, 7:10 AM
- Already an owner of 82% of Federal-Mogul (NASDAQ:FDML), Icahn Enterprises (NASDAQ:IEP) offers $7 per share for the stock it doesn't have. That comes against a closing price of $4.98 on Friday.
- The deal would need to be approved a special committee of independent directors of FDML and by a majority of non-Icahn-affiliated stockholders.
Dec. 30, 2015, 9:34 AM
- Icahn Enterprises (IEP) and Pep Boys (PBY -2.8%) formally announce their $1.031B merger.
- The transaction struck at $18.50 per share is expected to close in Q1 of 2016.
- Bridgestone (OTCPK:BRDCY, OTC:BRDCF) will take in a termination fee of $39.5M after bowing out.
- Previously: Bridgestone won't counter Icahn's latest Pep Boys offer (Dec. 29 2015)
Dec. 29, 2015, 6:09 PM
- It looks like Carl Icahn has won the Pep Boys (NYSE:PBY) bidding war: Bridgestone (OTCPK:BRDCY) says it won't counter Icahn Enterprises' (NASDAQ:IEP) $18.50/share offer for the auto repair shop chain. The offer, issued yesterday, topped a prior $17/share offer from Bridgestone.
- PBY -2.7% after hours to $18.43.
Dec. 28, 2015, 4:45 PM| Dec. 28, 2015, 4:45 PM | 10 Comments
Dec. 24, 2015, 7:35 PM
- Pep Boys (NYSE:PBY) says it agrees to a new takeover offer from Bridgestone (OTCPK:BRDCY) that values the company at $947M and no longer deems the proposal received from Icahn Enterprises (NASDAQ:IEP) a "superior proposal."
- PBY says Bridgestone will pay $17/share, with the announcement coming just before a 5 p.m. ET deadline to match or exceed Icahn’s $16.50/share offer; Icahn said yesterday he would pay $0.10/share more than any Bridgestone offer up to $18.10 under a "ratchet" structure.
- PBY also says the breakup fee in the revised Bridgestone deal has been increased to $39.5M from $35M.
- Icahn says of today's offer: "We cannot understand the actions of the directors in that they know we were willing to offer a lot more than $17."
- Earlier: Pep Boys breakup is likely scenario, analyst says
Dec. 24, 2015, 10:02 AM
- Pep Boys' (PBY -0.2%) bidding process will continue into the new year, culminating with a breakup of the service and retail operations and Monro Muffler (MNRO -0.5%) or O'Reilly Auto Parts (ORLY -0.1%) as potential buyers, Sterne Agee CRT analyst Ali Faghri says, adding that a deal with either company would be a positive catalyst since both have strong track records of acquisition integration.
- Faghri says an Icahn Enterprises (IEP -0.1%) acquisition of PBY likely would result in a sale of the service operations, with MNRO as a potential buyer; should Bridgestone prevail, PBY's retail business would be viewed as non-core and the ~560 stores would be sold, with ORLY the mostly likely buyer in this scenario.
- At an $18.10 takeout price, the analyst says the current deal valuation of ~12.5x TTM EBITDA shows the strength of the auto aftermarket industry, justifying MNRO's premium valuation (~14x 2016 EBITDA) and underscoring the discount at which Advanced Auto Parts (AAP +0.1%) trades (~9x 2016 EBITDA).
Dec. 16, 2015, 9:07 AM
- O'Reilly Automotive (NASDAQ:ORLY) makes the most sense, says analyst Ali Faghri, noting favorable geographic concentration, a successful track record with large-scale integration, participation in the Pep Boys bidding, and an under-levered balance sheet.
- Icahn Enterprises (NASDAQ:IEP) - owner of Uni-Select USA and Beck/Arnley Worldparts - is a potential buyer as well, but Faghri assigns a lower probability thanks to fewer strategic synergies.
- A ORLY/AAP deal could be 20% accretive using conservative assumptions, says Faghri.
- Previously: Advance Auto Parts spikes on buyout report (Dec. 15)
Feb. 19, 2014, 9:11 AM
- Actavis' $25B acquisition of Forest Labs (FRX) represents "another validation of the activist investment philosophy," gloats Carl Icahn (IEP).
- The investor owns 11.4% stake in Forest and successfully agitated for change in a bruising battle with the company's previous management.
- Someone who bought Forest shares on November 16, 2009 - coincidentally the date that Icahn's investment was first made public - and kept the stock until now would have realized a total return of 209% vs 84% for the S&P 500.
- Over the period, Forest's market cap increased by almost $17B, a jump of over 193%.
- "We believe that our activism did much to help bring about the great result," Icahn says.
- However, he laments, Forest could have realized even more value had it listened to him from the get-go and not forced him to fight proxy battles.