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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

Visx and Icahn part ways: Prompted by rejection of nominee Keith Meister to Visx' board of directors, financier Carl Icahn sells approximately 6 mil. shares of firm's stock to Goldman Sachs, of which 3.5 mil. shares were repurchased by Visx. The sale of Icahn's stake in the company ends a tumultuous relationship that began in August 2000 between the firm's single largest shareholder and Chairman/CEO Liz Davilla. Visx stock closed at $17.35 on May 29, the day of the announcement. Icahn's most notable confrontation with Visx' board was a $32-per-share hostile takeover bid for the company in April 2001 (1"The Gray Sheet" April 28, 2003, p. 22)...

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