Activist shareholder Carl Icahn, who last week was linked to speculation he could be raising his stake in Time Warner, is now organizing a group of investors, including Ted Turner, to force a breakup of Time Warner, with AOL as part of the separate unit, a report on CNBC said today.
DJ: Icahn, known for staging proxy fights after building up stakes in companies, has contacted hedge funds, institutions, and Turner to gauge their interest in joining such a group. His group owns 5 million (or 0.11 percent) of TW shares.
If Icahn were to mount a challenge, he would likely argue that Time Warner should sell or spin off its publishing, AOL and cable units, which would return as much as $25 a share in value, reporter David Faber said on CNBC.
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