Nader Seeks Icahn's Help In Blocking Takeover

Jan 7 2014 | 3:02am ET

Carl Icahn is getting a plea for help from a rather unlikely source.

Ralph Nader, the longtime consumer advocate and five-time presidential candidate, has asked the famed corporate raider to help block Liberty Media's takeover of satellite radio company Sirius XM Radio. Liberty currently owns 52% of the company and has offered to exchange its remaining shares for non-voting Liberty shares at a 3% premium to Sirius' Friday share price.

Nader has called that officer "ludicrous" and closed his press release against it with a request: "Carl Icahn—take notice and interest."

"I am sure that I along with other shareholders in Sirius XM will be interested in a legal challenge to John Malone's company for lowballing Sirius XM's shareholder value," Nader said.

Should Icahn join Nader's crusade, he may have some help from a peer: Omega Advisors' Leon Cooperman, who controls 1.2% of Sirius' shares, told The Wall Street Journal that Liberty's bid "materially undervalues Sirius."


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of