Saturday, 4 July 2015
Last updated 1 day ago
Jan 7 2014 | 2:02am 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."
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…