Billionaire Carl Icahn nears deal for 2 JetBlue board seats, days after taking 10% stake: report

Activist investor Carl Icahn is close to a deal to get two JetBlue Airways board seats, the Wall Street Journal reported on Friday, days after he took a stake of about 10% in the airline.

The billionaire and the airline are finalizing a settlement agreement that would allow them to avert a proxy fight. It could be announced in the coming days, the WSJ reported, citing people familiar with the matter.

Icahn disclosed his JetBlue stake on Monday, saying in a filing he believed the shares were undervalued.


Carl Ichan
Carl Icahn disclosed his JetBlue stake on Monday, saying in a filing he believed the shares were undervalued. Bloomberg

JetBlue and Icahn did not immediately respond to Reuters’ requests for comment.

The company faced a major setback last month after a US judge blocked its $3.8 billion planned merger deal with Spirit Airlines on anti-competitive grounds.

JetBlue earnings have also come under pressure from higher operating costs and uneven travel demand. Its new CEO, Joanna Geraghty, has vowed “aggressive action” to return the airline to profitability.

Shares of the low cost airline were up 2.3% in extended trading.


JetBlue plane
JetBlue earnings have come under pressure from higher operating costs and uneven travel demand. Getty Images

Icahn has built his reputation over the years as a corporate raider and activist shareholder, pressuring companies make changes to their business strategies and boost their stocks.

You May Also Like

Mets bullpen’s excellent start masking rotation injuries

The Mets opened the season missing two surefire starting pitchers in Frankie…

Sick ‘memoir’ teacher accused of raping 15-year-old student kept in Notes app on her phone is revealed

A married teacher accused of raping a 15-year-old student she was tutoring…

Married At First Sight’s ‘hottest bride ever’ Evelyn Ellis puts on busty display in a blue corset mini dress as she leads arrivals at Stan’s Love Triangle launch party

Former Married At First Sight bride Evelyn Ellis put on a busty…

Holy SMOKES, Literally: Failed Car Bombing in Public Square in Amsterdam

What…well. Hold that thought. We know exactly what’s going on in…