Per an interview with CNBC today, activist investor Carl Icahn reveals he has taken a stake in Newell Brands (NWL). "I believe Newell itself is undervalued and that's why I bought it" Icahn noted.
He says he bought NWL around $25 and has a less than 5% stake in the company, though Icahn feels he has one of the largest positions in the company.
Another activist investor, Jeff Smith's Starboard Value is also involved in the company and has joined Jarden executive Martin Franklin in trying to replace the entire board.
Newell merged with Jarden and the Starboard contingent feels that the Newell management team has not managed the integration well. The company features prominent consumer brands such as Rubbermaid, Elmer's glue, and more.
NWL was featured in the investment thesis summary section of the Q3 2017 issue of our Hedge Fund Wisdom newsletter if you're looking to catch-up on the company's background.
Thursday, March 1, 2018
Carl Icahn Reveals Newell Brands Stake
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