Carl Icahn announces a tender offer providing downside protection for smaller CIT Group (CIT...

|About: CIT Group Inc. (CIT)|By:, SA News Editor

Carl Icahn announces a tender offer providing downside protection for smaller CIT Group (CIT -1.9%) noteholders, who he says have been "disadvantaged by the restructuring process and completely ignored," if they are willing to support him in opposing a debt exchange and/or prepackaged bankruptcy. Icahn's offer is a 30-day tender offer at 60% of face value.