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Billionaire Icahn increases stake in Chesapeake Energy

Carl Icahn upped his stake in the Oklahoma City-based company to 9.98 percent.
Published: August 17, 2013

In brief

Icahn adds local stock

Billionaire investor Carl Icahn has boosted his stake in Oklahoma City-based Chesapeake Energy Corp. to 9.98 percent, up from an interest of 8.98 percent previously, according to a regulatory filing released Friday. Icahn and his companies paid more than $1.1 billion to buy 66.45 million Chesapeake shares. At Friday's closing price of $25 a share, the stake was worth more than $1.66 billion.

Judge foils move on Dell

— A Delaware judge on Friday dealt a blow to activist investor Carl Icahn's effort to stop CEO and founder Michael Dell's $24.8 billion buyout offer for the struggling computer maker. He refused to fast-track proceedings on Icahn's claims that Dell Inc. directors have betrayed their duties to shareholders in trying to win support for Michael Dell's bid. After three delays, Dell's board has scheduled a special shareholder vote on Sept. 12 for Michael Dell's offer of $13.75 per share, plus a 13-cent dividend. That's to be followed by an overdue annual meeting on Oct. 17. Icahn, who is seeking to oust Michael Dell as CEO, wanted the vote and annual meeting to be held on the same day. That would give shareholders a chance to vote on a board he is offering as part of his proposal, a plan he says would be worth at least $15.50 per share.

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