Icahn is a diversified investor with extensive holdings in biotech, casinos, information technology and real estate. About half his fortune is invested in publicly traded companies, including natural gas outfit El Paso and auto parts maker Federal Mogul. His closely held assets include a telecommunications company (XO Holdings) and rail cars (ACF).
The Standard & Poor’s 500 Index rose to a record as health-care providers jumped on a smaller-than- forecast cut in Medicare rates and EBay Inc. advanced as activist investor Carl Icahn urged the spin-off of the company’s PayPal unit.
Activist investor Carl Icahn, who last month proposed that EBay Inc. spin off its PayPal unit and nominated two employees to the board, criticized the online marketplace for “lapses” in corporate governance and asked shareholders to vote in favor of the split.
Groupon Inc. shares fell 22 percent, the most in a year, after the online-discounts company forecast first-quarter profit that trailed analysts’ estimates on higher expenses for acquisitions and marketing.
Paul Bisaro, Actavis Plc’s acquisition-hungry chief executive officer, and Brent Saunders of Forest Laboratories Inc. met for the first time in January at the JPMorgan health-care conference in San Francisco.
Herbalife Ltd., the nutrition company that hedge fund manager Bill Ackman has accused of being a pyramid scheme, posted a 10 percent rise in fourth-quarter profit and boosted its forecast as sales gained in China.
Carl Icahn, the shareholder activist who waged two proxy fights for board seats at Forest Laboratories Inc., stands to earn almost $1.7 billion in gross profits on his 11 percent stake in the drug company.
Actavis Plc, the world’s second- largest generic-drug maker by market value, agreed to buy Forest Laboratories Inc. for about $25 billion in a deal that will transform it into a developer of brand-name drugs.