Carl Icahn has another new target. This time, it’s Talisman Energy Inc. (NYSE:TLM). He tweeted today that he disclosed a purchase of about 61 million shares of the company. Icahn said he might begin speaking with the company’s management about “strategic alternatives, board seats, etc.”
Here’s his full tweet:
When investors are looking for a hedge fund to invest their money with, they usually look at returns. Of course, the larger the positive return, the better, but what about during major market selloffs? It may be easy to discount a hedge fund's negative return when everyone else lost a lot of money. However, hedge Read More
Disclosed approx 61 million share position in Talisman Energy. May have conversations with mgmt re strategic alternatives, board seats, etc.
— Carl Icahn (@Carl_C_Icahn) October 7, 2013
Shares of Talisman Energy Inc. (NYSE:TLM) have been rising since late last month, and they gained 4.6 percent during the regular trading day today. After Icahn’s tweet, the stock spiked as much as 14 percent before retreating slightly but still remaining over the closing price.
In his tweet, Icahn was referring to his 13-D filing, which was publicly released today after the closing. His approximately 61.55 million share purchase amounts to a 5.97 percent stake in Talisman Energy Inc. (NYSE:TLM). In his regulatory filing, Icahn said he bought the shares because he believed they were undervalued relative to the company’s assets. He also stated that he plans to “discuss strategic alternatives which may enhance shareholder value, including, among other things, asset sales or potential corporate restructuring.”
The filing also indicated that Icahn and his firm may seek a seat on Talisman Energy Inc. (NYSE:TLM)’s board of directors. It also reported that he may be interested in acquiring even more shares or else disposing of all of them or engaging in “any hedging or similar transactions.” As of the quarter ending in June, Icahn did not own any shares of the energy company.
Icahn’s tweets worth billions
Lately whenever Icahn tweets about a company, it has a billion dollar impact. Shares of Apple Inc. (NASDAQ:AAPL) increased by an average of $8 billion per tweet, simply because Icahn said he was talking to CEO Tim Cook about a $150 billion share buyback program.
Icahn has been disclosing most of his positions and views via Twitter since he started posting on the site. It appears to have become one of his favorite ways to disclose market moving information.