Tue, 28/12/2004 - 06:13
Carl Icahn has reportedly sued hedge fund Perry Corp. for USD 1 billion, saying Perry and other firms tried to meddle in takeover battles by manipulating shares.
According to the New York Times, the lawsuit was filed by Icahn late on Friday against the backdrop of the financier's attempt to take over Mylan Laboratories Inc. and thwart the drug maker's proposed purchase of King Pharmaceuticals Inc., Perry owns nearly 10 percent of Mylan and supports the King deal.
In the lawsuit, Icahn accuses Perry of trying to affect the results of shareholder votes and make money on companies targeted for acquisitions by using complex techniques to, in effect, buy the votes of companies seeking to make acquisitions without actually holding an economic interest in the shares, according to the newspaper.
"The conspiracy and conduct complained of in this complaint are classic examples of the kinds of manipulative arrangements that arbitrageurs and hedge funds are increasingly employing, outside of the public's awareness and without effective regulation or oversight, to generate profits at the expense of ordinary shareholders," the Times quoted the lawsuit as saying.
The takeover battles cited by Icahn, who has hired David Boies, special trial counsel for the U.S. Department of Justice anti-trust suit against Microsoft Corp., include the highly-contested purchase of Compaq Computer by Hewlett-Packard
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Thu, 27 Aug 2015 00:00:00 GMTJunior Institutional FX Sales – NYC
Thu, 27 Aug 2015 00:00:00 GMTVP Sales, Large Global Financial Services Provider – Singapore/HK based
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