Icahn adds to Nuance Communications
Billionaire investor Carl Icahn has made headlines in recent weeks following a number of large, highly publicized investments. Earlier in the month Icahn single handedly drove shares of Apple higher by 20 some percentage points. His push to return money back into shareholder pockets sent shares from $400 to $500 in a matter of weeks. Yesterday, Icahn was once again in the spotlight as it was announced he upped his already large stake within Nuance Communications (NASDAQ:NUAN) . Funds controlled by Icahn, including Icahn Partners LP and Icahn Onshore LP, reported in an updated filing a 16.9 percent stake in Nuance, up from 16.4 percent previously reported to the U.S. Securities and Exchange Commission.
Traditionally, Icahn has used his influence to seek change in companies he deems undervalued or ill-managed. When Icahn accumulated shares in Nuance, the investment was seen as a move to push the company to sell itself or shed some businesses. Now it appears Icahn may be looking for board seats in an attempt to gain control of the company. Should Icahn be successful in asserting himself on the board, he may be able to carry out the plans and start pulling apart the company. Some have speculated a number of large technology companies may be interested in the parts including Apple (NASDAQ:AAPL) , Google (NASDAQ:GOOG) , and Microsoft (NASDAQ:MSFT) .
Following the announcement shares of Nuance caught a bid. Early in Friday’s session shares were up by more than 3% to $19 per share. Shares are down slightly from the after hours highs in extended hours trading on Thursday. Never the less, shareholders should be thankful for even modest gains. Shares are down by more than 17% this year alone, amid broad market strength. The company has struggled to grow its business at monumental levels as some have questioned the long term thesis.
Sorry. No data so far.