Hints and tips:
...Insight Partners, the New York-based tech investment firm, has also raised a continuation fund, while New Enterprise Associates, a venture investor with $25bn in assets under management, had been talking...
...approach comes after the firm in April called off a plan, codenamed Everest, to spin off its consulting business via an immediate initial public offering that it hoped would bestow the new company with an enterprise...
...Icahn restructured the margin loan last summer so that it was tied to the value of Icahn Enterprises’ quarterly net assets and not its falling shares....
...Icahn Enterprises owns 66 per cent of CVR....
...In some senses, this was ironic, since Smith developed his vision in an era when commercial enterprises were partnerships or proprietorships, usually family companies....
...Icahn Enterprises said on Friday that it would cut its payout from $2 to $1 per share, sending stock in the New York-listed company tumbling more than 20 per cent....
...Icahn Enterprises is (or was) a perpetual motion machine powered by equity issuance. That alone doesn’t make it a bad investment, though it does require some pragmatism....
...Data from Sweden’s statistical agency show that there are 1.33mn registered enterprises in the country....
...They will make roughly equal contributions to a combined business with an $8bn enterprise value. Like most such deals, this one has defensive characteristics....
...student antisemitism (FT) Brookfield-led ‘final’ bid for Australian energy giant rebuffed by largest shareholder (FT) Lloyds rebuffs Barclay family’s latest £1bn attempt to regain Telegraph (FT) Adani Enterprises...
...Bloomberg LP declined to comment....
...Icahn Enterprises said on Monday that the octogenarian billionaire had agreed with five large banks to convert the margin debt into a three-year term loan....
...Now Hindenburg Research, the short seller, has come after Icahn and his publicly-traded fund, Icahn Enterprises. Hindenburg claims Icahn’s generous dividends are unsustainable....
...The news sent shares in Icahn Enterprises down as much as 20 per cent, making it a brutal start to the month for the activist investor....
...The trust is now set to only get $700mn while a series of senior lenders and bondholders including Silver Point, Hudson Bay and Arini are set to take over the company at a $3bn enterprise valuation....
...The bearish trades neutralised about $6bn in gains from his activist wagers, leaving him with an overall investment loss of nearly $3bn since 2017 and the publicly listed vehicle he controls, Icahn Enterprises...
...The net asset value of Icahn Enterprises fell from $7.9bn in 2017 to $5.6bn this month....
...But much of Icahn’s power emanated from an obscure, thinly traded public vehicle called Icahn Enterprises that has largely gone unexamined....
...The regulator did not name the board director or the shareholder but two sources familiar with the matter confirmed they were Christodoro and Icahn Enterprises, respectively....
...But his greatest trick may be that his publicly listed investment vehicle, Icahn Enterprises LP, trades well above its net asset value....
...The pitch came just months after the collapse of EY’s own attempt to spin off the consulting business and seek a $100bn enterprise value for it in a stock market listing....
...And there’s one more thing — a margin loan Icahn took out against 181.4mn shares, which comprises the majority of his Icahn Enterprises holdings....
...IEP is Icahn Enterprises’ stock symbol....
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