Originally Posted by
ARL120384
Forgive my ignorance, but is he only a threat if he gets offered a board seat? I don't know much about large stake investing, but what power does he have as a sole shareholder? Is this something you can do on your own or do you need help from the ELT?
I assume he doesnt have power until he has a seat at the table, which I think must be voted on?
With a 10% stake I am willing to bet he gets a BOD seat. 10% doesnt sound like a lot, but it is considering he is a single entity behind those shares. Blackrock and Vanguagrd are large shareholders but they are passive and do not get involved with board room issues.
If the board resists giving him a seat then he could put forth a shareholder proposal at the next annual meeting (usually in April/May I believe?) with a proposal to add Icahn as a board member. With 34m shares under his control it would likely pass.
https://www.sec.gov/ixviewer/ix.html...023_def14a.htm