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IEP

Icahn Enterprises

$67.53

0.87 (1.31%)

, AFSI

AmTrust

$13.43

0.075 (0.56%)

16:20
05/17/18
05/17
16:20
05/17/18
16:20

Icahn opposes Amtrust Financial's proposed going-private transaction

In a regulatory filing, Carl Icahn reported a 9.38% stake in Amtrust Financial, adding that he and his firm "strongly oppose" the proposed going-private transaction pursuant to which the Zyskind/Karfunkel families would acquire the publicly held shares of Amtrust Financial for $13.50 per share. "We decided to look into the situation and found that what we had been told was correct: The Zyskind/Karfunkel families, with the help of the "independent" Special Committee of the Board, are blatantly taking advantage of AmTrust's minority shareholders. Going-private transactions are rarely without controversy, but the law is clear: Non-controlling shareholders must be treated fairly, both in terms of process and price," Icahn said in a letter to Amtrust. "The Zyskind/Karfunkel squeeze-out transaction completely fails to satisfy these criteria. You have structured your take-over to ensure that the transaction is reviewed under the lower, more deferential "business judgment" standard, as opposed to the enhanced, more stringent "entire fairness" standard." "We are currently engaged in discussions with our Delaware litigators and are assessing our options to correct the manifest injustice that will occur if the Board fails to change the record and special meeting dates," Icahn continued.

IEP

Icahn Enterprises

$67.53

0.87 (1.31%)

AFSI

AmTrust

$13.43

0.075 (0.56%)

IEP Icahn Enterprises
$67.53

0.87 (1.31%)

03/19/18
WELS
03/19/18
NO CHANGE
Target $25
WELS
Market Perform
Newell Brands agreement with Icahn lends credibility to management plan, says Wells Fargo
Wells Fargo analyst Bonnie Herzog says Newell Brands (NWL) agreement with Carl Icahn, Chairman of Icahn Enterprises (IEP), lends credibility to the management's plan, and likely increases the odds that the former will ultimately prevail in its proxy battle with Starboard. That said, the analyst believes that ongoing fundamental headwinds, the stepped-up divestiture program and organizational disruption likely leaves an overhang on the shares, despite a cheap valuation. Herzog reiterates a Market Perform rating and $25 price target on Newell's shares.
03/19/18
JEFF
03/19/18
NO CHANGE
JEFF
Newell Brands agreement with Icahn a win for CEO Polk, says Jefferies
Jefferies analyst Kevin Grundy noted that Newell Brands reached an agreement with activist investor Carl Icahn to appoint five directors nominated by Icahn to the company's board, a board which totals eleven directors. In exchange, Icahn agreed to vote all his shares -- he disclosed a 6.9% stake in Newell -- in favor of Newell's nominees. The firm believes that while this news may come as a surprise, it will lead to the shares trading up, and called it a "big win" for CEO Michael Polk, despite the five seats given up being "a hefty price." Jefferies maintained a Hold rating and $29 price target on Newell shares.
AFSI AmTrust
$13.43

0.075 (0.56%)

11/13/17
JMPS
11/13/17
DOWNGRADE
JMPS
Market Perform
AmTrust downgraded to Market Perform from Outperform at JMP Securities
11/13/17
11/13/17
DOWNGRADE

Market Perform
AmTrust downgraded to Market Perform at JMP Securities
As previously reported, JMP Securities analyst Matthew Carletti downgraded AmTrust to Market Perform from Outperform at JMP Securities as he believes the current book value multiple appropriately reflects near-term concerns such as A.M. Best "edging a step closer" to a potential downgrade. He thinks the company is taking correct steps for the longer-term, but that these will need to be proven out over time , he tells investors.
02/26/18
COMP
02/26/18
DOWNGRADE
COMP
Neutral
AmTrust downgraded to Neutral from Buy at Compass Point
03/01/18
RHCO
03/01/18
DOWNGRADE
RHCO
Hold
AmTrust downgraded to Hold from Buy at SunTrust
SunTrust analyst Mark Hughes downgraded AmTrust to Hold after the company announced an agreement to be acquired by an entity formed by private equity funds managed by Stone Point Capital together with the company's Chairman and CEO.

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BABA

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ARPO

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BK

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ARGX

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NFLX

Netflix

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BTC

Bitcoin

$0.00

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, BITCOIN

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REVB

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GTHX

G1 Therapeutics

$62.94

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NVS

Novartis

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CNC

Centene

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GM

General Motors

$35.11

0.09 (0.26%)

, TSLA

Tesla

$284.88

-9.9 (-3.36%)

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Tesla

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AAPL

Apple

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TCEHY

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iQIYI

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RIG

Transocean

$11.93

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, RDC

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$16.25

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06:13
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Upgrade
Transocean, Rowan Companies, Ensco, Noble Corp. rating change  »

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RIG

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RDC

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ESV

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NE

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SIR

Select Income REIT

$20.53

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RFP

Resolute Forest

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DIS

Disney

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MCD

McDonald's

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ETFC

E-Trade

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WBC

Wabco

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FB

Facebook

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