A filing with the Securities and Exchange Commission indicates that activist investor Carl Icahn has added more than 1 million more shares of Navistar International Corp (NYSE:NAV) to his holdings last week and this week. In all, he paid about $34.2 million for the new shares across all of his related entities.
Carl Icahn’s firm and its related entities bought their shares between April 11 and April 15. According to the filing, High River LP bought about 60,500 more shares of Navistar International Corp (NYSE:NAV) on April 11 at $33.21 per share and then an additional 80,000 shares on April 14 for $33.31. The firm also bought 65,060 more shares the next day at the same price.
Value Partners Asia ex-Japan Equity Fund has delivered a 60.7% return since its inception three years ago. In comparison, the MSCI All Counties Asia (ex-Japan) index has returned just 34% over the same period. The fund, which targets what it calls the best-in-class companies in "growth-like" areas of the market, such as information technology and Read More
Icahn Partners LP bought 56,360 shares of Navistar International Corp (NYSE:NAV) on April 11 at $33.21 a share and nearly 190,000 more on April 14 for $33.31 a share. The firm bought more than 154,000 additional shares on April 15 at that same price.
Icahn Partners Master Fund LP made three sets of purchases at those same prices, including more than 185,000 shares on April 11, 130,000 shares on April 14 and 105,800 shares on April 15.
Icahn’s investments into Navistar International Corp (NYSE:NAV) stretch back to at least 2012. At that time, he was going around and around with the company’s board, as he tends to do with most of the companies he invests in. Navistar ended up avoiding a proxy fight with Icahn in October 2012 by appointing new board members. The company had enacted a poison pill in June 2012 after picking up massive purchases by Icahn and his protégé Mark Rachesky. By the time that plan was in place, however, they already had stakes topping 14%.
Since that 2012 fight between Carl Icahn and Navistar International Corp (NYSE:NAV)’s board of directors, there hasn’t been much news about them. Clearly Navistar has been doing enough to keep Icahn happy and convince him to sink even more cash into it.