Billionaire buys stake in Lake Oswego rail car company
PORTLAND, Ore. -- It appears that Carl Icahn's interest in the Greenbrier Companies has been rekindled.
The billionaire activist investor has acquired a 9.99 percent stake in the Lake Oswego-based maker of rail cars and barges (NYSE: GBX). Icahn paid approximately $40.3 million for 2.7 million shares.
In a 13D report filed Tuesday with the Securities and Exchange Commission, Icahn indicated that the shares were undervalued and that he intended to discuss possible "strategic opportunities" for the company with Greenbrier management.
Icahn began acquiring shares on Oct. 19 through ARI Longtrain Inc., an affiliate of Icahn Enterprise Holdings, paying between $13.71 and $17.07 per share.
This isn't the first time Icahn has expressed an interest in Greenbrier. He acquired a 9.5 percent stake in Greenbrier back in February 2008, saying at the time that the shares were undervalued. His plan was to merge Greenbrier with his company American Railcar Industries Inc. Icahn still owns American Railcar.
After meeting with Greenbrier executives, Icahn dropped his bid, citing "certain unresolved issues" in an SEC filing. He later sold his shares.
Icahn's purchase of Greenbrier shares comes as his activist campaign involving Netflix Inc. intensifies. Icahn acquired a 10 percent stake in Netflix on Oct. 31 and has since blasted Netflix management and discussed pressing for strategic options such as a hostile takeover or sale.
The Portland Business Journal is a KATU News partner.
Yikes
Icann being involved with any company is bad thing for the company. If I had a company he was interested in I'd tell him to take a long walk.
@Jamie .........I'm sure it would all depend on the money Jamie........all on the money.
 @Rob C 503  Yeah I guess if you're interested in flushing your company down the toilet..
@Jamie ......for the right amount of money, I'm sure you'd find the handle.
Well that was fun while it lasted.
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I give it a year maybe 18 months before Icann has liquidated enough of the company to force it to close.
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That is what he does, buys up small margin and non-profitable companies, sells off the pieces and uses the money to give himself a big fee then when the company is no longer solvent, put it into receivership (bankruptcy) to which he is a protected debtor and sells off the rest.
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Blockbuster, TWA, etc, etc.
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This guy is the Grim Reaper of corporate takeover men.
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I wonder how much we will like streetcars when we are buying them from a Chinese company for 50% more.
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