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Icahn Enterprises L.P. said Monday its majority-owned business Tropicana Entertainment Inc. has entered an agreement to sell its real estate to Gaming & Leisure Properties Inc. and to merge its gaming and hotel business into Eldorado Resorts Inc. in a deal valued at about $1.85 billion. Carl Icahn's investing arm acquired a stake in Tropicana in 2008, when the company was bankrupt, and turned it around after installing Tony Rodio as CEO. The deal is expected to close in the second half. It does not include Tropicana's Aruba assets, which will be disposed of as a condition to closing that may increase the proceeds. Eldorado shares rose 6% premarket on the news and Icahn Enterprises rose 1.2%. Gaming and Leisure Properties shares were not active, but have fallen 2.5% in the last 12 months, while the S&P 500 has gained 14%.
CORRECTED: Icahn to sell Tropicana assets to Gaming and Leisure Properties, Eldorado for $1.85 bln
Eldorado Resorts shares up 6% premarket
Icahn Enterprises to also merge gaming, hotel operations in Eldorado Resorts
Icahn Enterprises shares up 1.2% premarket
Icahn Enterprises expects deal to close in second half
Icahn Enterprises says deal does not include Tropicana's Aruba assets, which will be sold in close
Icahn Enterprises' indicated up over 2% premarket after Federal Mogul sale deal
Icahn Enteprises L.P. , the investing arm of billionaire investor Carl Icahn, said Tuesday it has reached an agreement to sell its Federal-Mogul LLC unit to Tenneco Inc. for $5.4 billion. Tenneco will pay $800 million in cash and 29.5 million shares of its common stock, of which 23.8 million shares will be non-voting shares that convert to voting shares as soon as they are sold. Tenneco will be restricted in how much stock can be sold within the first 150 days after the closing. Manufacturing company Tenneco will split Federal-Mogul into its two businesses which will be spun off as listed entities. Federal-Mogul operates an original equipment powertrain components division and sells a portfolio of products in the vehicle after-market. The deal is expected to close in the second half. Icahn Enterprises shares were halted for the news. Tenneco shares rose 2.8% premarket, but are down 5% in the last 12 months, while the S&P 500 has gained 12%.
Icahn Enterprises's stock to resume trade at 7:30 a.m. ET
Tenneco shares jump 2.8% premarket
Icahn Enterprises expects deal to close in second half
Tenneco to separate Federal-Mogul into 2 separate listed companies
Icahn Enterprises agrees to sell Federal-Mogul to Tenneco for $5.4 bln
Icahn Enterprises stock halted for news pending
Overstock shares tumble 7.6% after disclosure of SEC investigation
Carl Icahn’s company is selling its majority-owned gaming subsidiary, Tropicana Entertainment, for about $1.85 billion, Icahn Enterprises said Monday.
Carl Icahn’s company is selling a car-parts maker Federal-Mogul for about $2.44 billion, hiving off a piece of an auto empire that includes holdings in rental services, ride hailing and repair shops.
Carl Icahn’s company is selling its majority-owned gaming subsidiary, Tropicana Entertainment, for about $1.85 billion, Icahn Enterprises said Monday.
Tropicana Entertainment sold off in separate deals
Goldman: Tenneco's Federal-Mogul Acquisition Fails To Address Investor Concerns
The activist investor is bracing for a boardroom battle.
The activist investor is selling the auto parts maker to Tenneco.
Carl Icahn Sells Federal-Mogul to Tenneco for $5.4 Billion
Icahn Sells Federal-Mogul; Tenneco To Create Two Public Companies
Carl Icahn’s company is selling a car-parts maker Federal-Mogul for about $2.44 billion, hiving off a piece of an auto empire that includes holdings in rental services, ride hailing and repair shops.
Tenneco, Icahn Enterprises both higher after blockbuster deal
Auto parts maker Tenneco has agreed to pay Icahn Enterprises $5.4 billion to acquire Federal-Mogul, another parts supplier.
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Icahn Enterprises L.P. 2017 Q4 - Results - Earnings Call Slides
Icahn Enterprises' (IEP) CEO Keith Cozza on Q4 2017 Results - Earnings Call Transcript
Tropicana Entertainment Inc. Announces Definitive Sales Agreement
Icahn Enterprises L.P. Announces Definitive Agreement to Sell Tropicana Entertainment Inc. for $1.85 Billion
Eldorado Resorts to Acquire Tropicana Entertainment in Accretive Transaction Valued at $1.85 Billion
Wired News - Icahn Enterprises Sells Off Federal-Mogul to Tenneco; Tenneco to Carve Out Two Independent Companies from Federal-Mogul
Icahn Enterprises L.P. Announces Definitive Agreement to Sell Federal-Mogul LLC
Research Report Identifies Mueller Industries, Armada Hoffler Properties, HRG Group, Casella Waste, Icahn Enterprises, and ATN International with Renewed Outlook -- Fundamental Analysis, Calculating Forward Movement
Icahn Enterprises L.P. to Host Earnings Call
Icahn Automotive Acquires Four Detroit-Area Service Centers
Icahn Enterprises L.P. Announces Q4 and Full Year 2017 Earnings Conference Call
Factors of Influence in 2018, Key Indicators and Opportunity within Anavex Life Sciences, Icahn Enterprises, J.Jill, Prologis, Welltower, and Digital Realty Trust -- New Research Emphasizes Economic Growth
Icahn Enterprises LP operates as holding company. It operates through following business segments: Investment, Automotive, Energy, Gaming, Railcar, Food Packaging, Metals, Real Estate and Home Fashion. The Investment segment is comprised of various private investment funds, including Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP and Icahn Partners Master Fund III LP. The Automotive segment holds ownership in Federal-Mogul Corp., which is a supplier to the automotive, aerospace, energy, heavy duty truck, industrial, marine, power generation and railway industries. The Energy segment holds ownership in CVR Energy, Inc., which owns majority interests in two separate operating subsidiaries, CVR Refining, LP and CVR Partners, LP. The Gaming segment holds ownership in Tropicana Entertainment Inc., which owns and operates a diversified, multi-jurisdictional collection of casino gaming properties. The Railcar segment holds ownership in American Railcar Industries Inc., which is a manufacturer of hopper and tank railcars. It provides fleet management, maintenance, engineering and field services. The American Railcar Industries services include maintenance planning, project management, tracking and tracing, regulatory compliance, mileage audit, rolling stock taxes and online service access. The Food Packaging segment holds ownership in Viskase Cos., Inc., which is engaged in production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. The Metals segment operates through company indirect wholly owned subsidiary, PSC Metals, Inc., which is a one of the independent metal recycling companies in the U.S. and collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers including electric-arc furnace mills, integrated steel mills, foundries, secondary smelters and metals brokers. The Real Estate segment consists of rental real estate, property development and resort activities. The Home Fashion segment operates through company indirect wholly owned subsidiary WestPoint Home LLC, which a manufacturer and distributor of home fashion consumer products. The company was founded on February 17, 1987 and is headquartered in New York, NY. (See Full Profile)
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