Carl Icahn, Icahn Enterprises chairman, discusses his tender offer for CVR Energy, and now holds 69% of the company’s shares. Icahn also weighs in on whether Amylin Pharma should be sold, and reveals his thoughts on RIMM, with the Fast Money traders.
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York Capital Management has decided to focus on longer-duration assets like private equity, private debt and collateralized loan obligations. The firm also plans to wind down its European hedge funds and spin out its Asian fund. Q3 2020 hedge fund letters, conferences and more York announces structural and operational changes York Chairman and CEO Jamie Read More
tdd# 1-800-345-2550call 1-800-433-9762 tdd# 1-800-345-2550and start trading today. victory in the battle against cvr energy. the activist investor has been trying to force the company to sell itself offering to buy the company for $30 a share. more than half of shareholders accepted the offer leaving them in the droifr’s seat. what does karl do next. let’s ask them and join us on the fast life. always a pleasure to speak with you. yes. a stunning result and i’m wondering if you are nervous that investors change their mind and they can’t do anything until your slate is nominated and the poison pill goes away. more than a month. yeah, i real sort of think it’s a bit reprehensible on the part of the company. the company, yes they did all they could to shelter and tell them not to tender and i wasn’t for real and that i would walk away. now we got — when you think about it, 70% you think that the company would have the dignity to say okay. let’s get this over with and quit. i lost many a battle and they say congratulations and well done and let’s go to something else. it’s annoying when you keep bringing back to the show and write today or yesterday and they cannot at this time purchase any shares. the only reason is they stay out of the way. they are in the press release and it reminds me of those who continue to fight on the pacific long afterworld war two ended. the war is over when the shareholders meet. i spoke to the representatives and they said they are out talking to shareholders now. they are trying to get them to change their mind. are you worried that they will change their mind? it’s not in their interest to move the day of that meeting up. with time on their side, they may be able to persuade people persuade them. now it’s over. so now they say we will try to persuade them. they are risking something. rebarron, the company has problems. i admit that. i say it. i use it for the show and meaning we will get the differences with the company. i agree with the company on this. they will sell it. we are paying a big premium. they are hoping that they will be changed. then they are risking $400 is saying if we delay, what happens if there is a tornado included? risking them money, my lawyers told me they might be liable after that. think it’s sort of despicable and at this point i lost many fights. you go in and i congratulated the guy. i really think the example of what’s wrong with corporate america, i’m there and i got the 5 billion and i take the fact that they were saying i wasn’t for real. we are here and we ought to shake har with. let’s say that whether the shareholder meeting happens as we are advocating or as the company has a plan, what do you do with the company when you are in control. do you really think you will be able to find a purchaser of this company? prar. i think it will be difficult. i said this before. the spread will narrow because of the fact that they are coming in. i have been successful. frankly, i will say it because both companies in this country barely run. you look at the sg&a of this company, it’s equal to holly’s and that’s three times bigger. every company we have been or look at, you can take 30% off. e companies that were in trouble and the casinos and the oil companies are making at the risk of being modest, making millions of dollars. let’s say you come in and work your magic and do what you have done in the past for other companies. how much would this company be worth? what’s the time frame on this? you never can put a time frame on this. i have been good and i look forward to buying it. i said i would buy and there with the money, i would tell you this. we ought to get this overwith and stop wasting the money of the company that in a sense is my money. it annoys me that these guys can’t just say okay, well done and congratulations. get this over with. you try for months and months and they didn’t succeed. what are they going to do now? they are like the soldiers. you think something is going to happen. we hear you. you are annoyed. it’s not an annoyance, but makes my point about corporate america. i won victories and shake the hands and say okay, here it is. congratulations. i’m more surprised about this. they tried their best and they said things that annoy the hell out of me and the fact that i wasn’t for real, but they see i am and it’s done. i want to switch gears because we are running out of time. the company owns about 10% stake or so and correct me if i’m wrong that that changed in the past couple of months. there have been reports in the past couple of weeks. they haven’t changed in the past couple of years. you never know. there have been reports that they rejected a bit valued at $22 a share. the board rejected it a couple of weeks ago. can you confirm that and you know that was made and reflected and what do you think? obviously they don’t call me up for it. it was a major shareholder, you know. why would i know? unless they call me. let me put it this way. if ever a company should be sold, it’s this company. this sump should be sold and again it doesn’t take advantage of the situation now. it can be sold necessary more than the $22. it has a great drug, but it doesn’t have the ability or the basis, the financial strength to make the most of this. without the question they should be doing it and what’s annoying with them is that they went out and knowing they had that bid, they swept it under the rug and didn’t disclose it and they went out and sold 10% of the company and they had 22. they did have that bid. not only did they sell 10%, but gave themselves options. this is not the end of it obviously. we are the biggest stockholder and i’m not a shrinking violet. no, you are not. one last question, research in motion. is there any now that we are down to about $13 a share on that company, can you see value in this? you know, they kept — guys that were short, i guess, kept looking at my name for the last months and i can hardly spell it. i will tell you that i have not been involved necessary months and mont ago. they were saying it and i’m not involved now. it’s a very difficult area right now. i will tell you as a freebie i’m not involved. as always. you guys like freebies. i’m not going to do another one. that’s it and thanks for your time. okay. thank you. are he thinks am lynn is more than the bid out there. and he can’t spell it. we should know about the programming note, but on squauk box you can catch another round of entries and lambert and david bonderman and many more. it’s a big edition tomorrow night that gets under way at 6:00 a.m. eastern time. any others? i’m curious. now he said he is not and has never been in rim. why would they try to link his name? that would be the rumor. the have too many activists involved and the last couple of years, david einhorn in the last filing brought three million shares at some point i suspect the market cap is less 75 bill ron in cash and 25% of the market cap in cash and you will see activists involved. rim goes below 10 and cvi, there is no buyers. if he wants it, he will have to pay above 30 or 35 or 36. 64% of the share’s tender goes to 30. coming up next, profiting from the commodity we can’t live without. the trade on water. more fast, straight ahead. 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