First,Motorola, then Time Warner, and now Greenbrier Cos. Carl Icahn, one of the mostubiquitous activist investors in recent weeks, has amassed a 9.5-percent stakein the
Icahn reportedowning 1.5 million shares of the Lake Oswego, Ore.-based company, whose sharesclimbed more than 20 percent after the filing.
Icahn acquiredthe stake through ARI Longtrain Inc., whose sole stockholder is AmericanRailcar Industries, which manufactures and services railcars. Icahnbeneficially owns 53.7 percent of the common stock of American Railcar.
According tothe filing, Icahn believes Greenbrier shares are undervalued and is interestedin discussing with management a possible business combination between AmericanRailcar and Greenbrier.
Greenbriersaid in a statement regarding Icahn’s move that its board is “committed toacting in the best interests of Greenbrier shareholders and otherconstituencies” and issued no further comment.
Last week, thecompany announced that it will buy American Allied Railway Equipment Co. andits subsidiaries for $83 million in cash.
Icahn is anactivist shareholder who led a successful fight to win a seat on the board ofmovie-rental giant Blockbuster, whose chairman and chief executive left soonafterward.
He has alsopushed for changes in recent years as a shareholder at other companies,including Time Warner Inc. and Motorola Inc. On Friday, he named four nomineesfor seats on the board at Motorola, where he lost a proxy fight last year.