Icahn has sent a letter to Transocean’s board seeking a special dividend of $4 a share, nominations for three directs and repeal of the company’s staggered board appointments. Transocean should feel lucky. After all, Icahn is demanding $9 a share in a special dividend from Dell.
Transocean said in an SEC filing that it “will evaluate the proposals in due course.” At the end of 2012, Transocean had $5.1 billion in cash and equivalents, of which the company says it needs about $1.5 billion as working capital. That leaves around $10 a share in cash available and Icahn wants a piece of that.
Shares of Transocean are up about 1% in premarket trading this morning, at $53.50 in a 52-week range of $39.32 to $59.50.
Credit Card Companies Are Doing Something Nuts
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We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
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