Icahn Further Reduces Blockbuster Stake8 Apr, 2010 By: Erik Gruenwedel
Maverick investor Carl Icahn has again downsized his stake in Blockbuster, selling more than 48,000 shares of the Dallas-based DVD rental company’s Class A stock for prices ranging from 19 cents to 25 cents per share, according to an April 8 regulatory filing.
Icahn, who once owned 17% of Blockbuster’s Class A shares, now owns 3.5% of the stock. He sold all of his Class B shares last week.
The investor resigned from Blockbuster’s board in January and began unloading the stock after CEO Jim Keyes said the company planned to put forth a motion to shareholders for a reverse stock split at the company’s annual meeting May 26.