Long-Term Returns of Carl Icahn’s 10 Activist Targets

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1. Crown Holdings, Inc. (NYSE:CCK)

Stock Return: 11.69%
S&P Returns: 20%
Investment date: 11/3/2022

Crown Holdings, Inc. (NYSE:CCK) makes and sells packaging products for consumer and industrial goods. Most of its earnings come from beverage cans, but it also offers food cans, transit packaging, and protective packaging. It serves various industries such as metals, construction, agriculture, and corrugated.

Carl Icahn had a stake in Crown Holdings. He wanted Crown Holdings, Inc. (NYSE:CCK) to sell its non-core businesses, buy back shares, and focus on its growing beverage can segment. Another activist, Impactive Capital, also supported this plan and sees environmental benefits from replacing plastic and glass with aluminum cans. Crown’s board resisted Icahn’s pressure and adopted a poison pill. Crown’s CEO admitted he was caught off guard by the recent challenges.

To prevent a possible proxy contest with Carl Icahn in December 2022, the company agreed to appoint his two nominees, Andrew Teno and Jesse Lynn, to its board. The board expanded to 13 members and included the new directors as part of the company’s slate of nominees for the 2022 annual meeting.

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