Carl Icahn, who bought 7% of the company last week, was given four seats on the Newell Brands board. This comes as fellow activist investor Starboard Value was looking to overthrow the entire board. Now Starboard is on the outside looking in.
It appears the two activists will be competing against each other, with Icahn likely looking to keep the current management team intact, while Starboard wanted an overhaul. Newell shares have fallen since the news that Icahn got his board seats.
Starboard will likely continue with its battle to replace the 12 member board. Starboard has recruited Jarden executives to help in his battle. Starboard notes that Newell shares have underperformed since the company bought Jarden in 2016.
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Icahn’s views align with current management. Coming off an activist versus activist battle at Herbalife, Icahn is likely ready for another head-to-head activist battle.