Title: Carl Icahn Unveils 9.9% Stake in JetBlue, Seeks Seat on Board
In a surprising move, renowned activist investor Carl Icahn has revealed a 9.9% ownership stake in JetBlue Airways, marking his first investment move after his scathing criticism of the company last year. The news comes as Icahn Enterprises, the conglomerate founded by Icahn, faces substantial stock price declines, down 72.2% over the past five years and more than 60% since the Hindenburg report.
JetBlue, which has struggled with the fallout from the blocked $3.8 billion merger with Spirit Airlines, has also experienced its stock plummeting by 66% in the past five years. Recognizing a potential opportunity, Icahn believes that JetBlue stock is undervalued and could provide attractive investment prospects.
Independent sources have confirmed that Icahn Enterprises has been engaged in discussions about seeking a seat on JetBlue’s board. While the talks are ongoing, Icahn Enterprises remains committed to exploring avenues for cooperation with the airline.
JetBlue has welcomed Icahn’s interest and expressed openness to constructive dialogue with investors, aiming to enhance value for both shareholders and stakeholders. This news comes as JetBlue’s new CEO, Joanna Geraghty, and COO, Warren Christie, officially assume their roles today. Former CEO Robin Hayes will remain on the board, which is chaired by Peter Boneparth, adept at dealing with activist investors.
In addition to the developments concerning JetBlue, Icahn Enterprises has also announced an agreement with utility company American Electric Power. The agreement allows Icahn Enterprises to appoint two new directors to the utility company’s board, further extending Icahn’s influence in the corporate realm.
As the details of Icahn’s investments continue to unfold, industry experts eagerly await the potential impact his involvement could have on both JetBlue and American Electric Power. Shareholders and stakeholders alike remain hopeful that these developments will result in positive changes and improvements for the companies moving forward.
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