The latest salvo from dissident shareholder Carl Icahn has Lazard performing “an in-depth strategic analysis of Time Warner’s businesses and operations to further identify constructive corporate alternatives. ” The focus: unlocking value “which may include a streamlining of its corporate structure, reconfiguration of its assets, potential sale of selected businesses, adoption of a more appropriate capital structure and commencement of a significant share repurchase.” In other words, come up with a plan that meets Icahn’s vision for the company — selling pieces, removing senior execs and board members, spending even more on stock buybacks. (That would be chairman and CEO Dick Parsons wearing the big target.)
Icahn is also counting on Lazard chairman Bruce Wasserstein and his team to help with the election of their own slate of board members to replace the majority of the current board. I’m sure TW is thrilled to know the Lazrd team is avilable to meet with them “to review value-maximizing alternagtives.”Press release.
More to come; this story isn’t going away any time soon.