Friday July 28, 6:31 pm Eastern Time
Icahn files for shares of VISX, which sets rights plan
SANTA CLARA, Calif., July 28 (Reuters) - Long-time corporate raider Carl Icahn has set his sights on VISX Inc. (NasdaqNM:VISX -
news), a maker of lasers used to correct vision.
The company said on Friday that Icahn has filed to acquire as much as 15 percent of its shares. VISX, based in Santa Clara, Calif., also
said its board has adopted a stockholder rights plan. The rights go into effect only if a person or group acquires ownership of 10
percent or more of the company's common stock or commences a tender or exchange offer.
VISX stock, which fell 1-1/4 to close earlier on Friday on the Nasdaq at 22, were up 1-1/2 to 23-1/2 in after-hours trading.
VISX said it had been notified that a company controlled by Icahn had filed under the Hart-Scott-Rodino Act with respect to his intention to acquire VISX stock in an
amount exceeding $15 million, which is equivalent to 11 percent of shares outstanding, but less than 15 percent of outstanding shares.
Icahn launched his takeover career in the mid-1970s, shaking up companies like Phillips Petroleum Co. (NYSE:P - news) and Texaco Inc. (NYSE:TX - news). He
financed and then controlled Trans World Airlines Inc. (AMEX:TWA - news) from 1985 to 1993, but left it after bitter fights with unions and politicians. |
