Sunday, June 15, 2008 5:01:27 PM
Thursday June 12, 4:45 pm ET
Billionaire Carl Icahn agrees to buy $55M in Guaranty Financial shares, $175M in notes
NEW YORK (AP) -- Billionaire investor Carl Icahn has reached an investment agreement with Guaranty Financial Group Inc., according to a Securities and Exchange Commission filing on Thursday.
On June 7, Icahn agreed to buy 1.1 million shares of Guaranty Financial's preferred shares for about $55 million. He also agreed to buy $175 million in units of subordinated notes and 406,000 shares of series B preferred stock.
In connection with the deal, Icahn will work with the company's board to nominate a representative to the board. Icahn also agreed not to seek additional board seats or attempt to gain control of the company.
Icahn reported holding roughly 3.5 million Guaranty Financial shares, representing a 7.7 percent stake in the Austin, Texas-based company.
Guaranty Financial spun off from packaging and building materials maker Temple-Inland Inc. at the end of last year.
Guaranty Financial shares lost 6 cents to close at $5.29 on Thursday.
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM