Billionaire investor Carl Icahn has amassed a 9. 5 percent stake in Oregon railcar manufacturer Greenbrier, according to a filing today...
NEW YORK — Billionaire investor Carl Icahn has amassed a 9.5 percent stake in Oregon railcar manufacturer Greenbrier, according to a filing today with the Securities and Exchange Commission.
Icahn reported owning 1.5 million shares of the Lake Oswego, Ore.-based company, whose shares climbed about 20 percent after the filing.
Icahn acquired the stake through ARI Longtrain, whose sole stockholder is American Railcar Industries, which manufactures and services railcars. Icahn beneficially owns 53.7 percent of the common stock of American Railcar.
According to the filing, Icahn feels that Greenbrier shares are undervalued and is interested in discussing with management a possible business combination between American Railcar and Greenbrier.
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Greenbrier said in a statement regarding Icahn’s move that its board is “committed to acting in the best interests of Greenbrier shareholders and other constituencies” and issued no further comment.
Last week, the company announced that it will buy American Allied Railway Equipment and its subsidiaries for $83 million in cash.
Icahn is an activist shareholder who led a successful fight to win a seat on the board of movie-rental giant Blockbuster, whose chairman and chief executive left soon afterward.
He has also pushed for changes in recent years as a shareholder at other companies, including Time Warner and Motorola. On Friday, he named four nominees for seats on the board at Motorola, where he lost a proxy fight last year.
Greenbrier shares closed up $3.99, or 19.2 percent, at $24.75 today. Shares have traded between $16.03 and $38.99 in the past 12 months.