Saturday, 24 September 2016
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."