Activist billionaire Carl Icahn has spent nearly $166 million this month to boost his stake in Chesapeake Energy Corp.
Already one of Chesapeake's largest shareholders, Icahn and his affiliates bought an additional 9.6 million shares since last Monday, according to a regulatory filing.
Icahn paid an average of $17.42 a share to add to his stake in the company.
Chesapeake's stock closed Tuesday at $17.60 a share, up 13 cents.
Icahn now controls almost 60 million shares of Chesapeake stock, second only to Memphis-based Southeastern Asset Management.
Those two led an investor uprising at Chesapeake this year that resulted in a reshuffling of the company's board, with co-founder Aubrey McClendon replaced as chairman.
Vincent J. Intrieri was added to the Chesapeake board with four other new directors in June as Icahn's representative.
Next Story