In a regulatory filing, Carl Icahn (IEP) disclosed a 6.86% stake in Newell Brands (NWL). Icahn said his firm acquired its positions in the shares in the belief that the shares were undervalued. Icahn added that his firm has met with representatives of the company’s management and intends to engage in talks with representatives of Newell’s management and board of directors regarding ways to enhance shareholder value, including asset sales, capital structure optimization and possible board representation. Icahn Enterprises has also spoken to and expect to have further discussions with representatives of Starboard Value LP regarding Starboard’s proxy contest against Newell Brands. The Reporting Persons do not have any agreements, understandings or arrangements with either the company or Starboard and are continuing to assess Starboard’s proxy contest. Icahn Enterprises has not determined whether itwill support management or Starboard. “Although there is clearly no easy short-term fix for the Issuer, we believe there is an important role for our brand of activism,” Icahn Enterprises said. “The Reporting Persons have acquired a substantial position in the Issuer in the hope that it will give us a larger influence in the future of the Issuer, whichever side we join.”
Activist Target
