Icahn unveils 6.86% active stake in Newell Brands

|About: Newell Brands Inc. (NWL)|By:, SA News Editor

Newell Brands (NYSE:NWL+2.6% after-hours following a disclosure that Carl Icahn has purchased a 6.86% stake in the company and may seek a board seat.

Icahn believes NWL shares are undervalued and has met with the company to discuss ways to "enhance shareholder value, including asset sales, capital structure optimization and possible board representation."

Icahn says his representatives have talked with Starboard Value about its proxy contest with NWL but he has not decided which side to support; Starboard, which owns ~4% of NWL shares, has been pushing to replace the company's entire board.

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