Activist Investor Carl Icahn Takes 9.5 Percent Stake in Greenbrier Cos., May Seek Changes
NEW YORK (AP) -- Billionaire investor Carl Icahn has amassed a 9.5 percent stake in railcar manufacturer Greenbrier Cos., according to a filing with the Securities and Exchange Commission on Monday.
Icahn reported owning 1.5 million shares, or a 9.5 percent stake in the Lake Oswego, Ore.-based company.
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Icahn acquired the stake through ARI Longtrain Inc. The sole stockholder of ARI Longtrain is American Railcar Industries Inc., which manufactures and services railcars. Icahn beneficially owns 53.7 percent of the common stock of American Railcar.
According to the filing, Icahn acquired the shares because he feels they are undervalued and is interested in discussing with management a possible business combination between American Railcar and Greenbrier.
Icahn is an activist shareholder who led a successful fight to win a seat on the board of movie-rental giant Blockbuster Inc., whose chairman and chief executive left soon afterward.
He has also pushed for changes in recent years as a shareholder at other companies, including Time Warner Inc. and Motorola Inc. On Friday, he named four nominees for seats on the board at Motorola, where he lost a proxy fight last year.
Greenbrier shares jumped $3.05, or 14.7 percent, to $23.83 in morning trading. Shares have traded between $16.03 and $38.99 in the past 12 months.
Squeezin' me :-\