Carl Icahn Acquires More Tropicana Entertainment ~ market folly

Thursday, April 22, 2010

Carl Icahn Acquires More Tropicana Entertainment

Corporate Raider Carl Icahn recently filed a Form 4 with the SEC regarding shares of Tropicana Entertainment (TROP). In the disclosure, we see that Icahn, through his various investment vehicles acquired 206,267 shares at a price of $16 per share on April 16th, 2010. This brings his total ownership in Tropicana (through all vehicles) to 12,870,446 shares. Last month, we detailed how Icahn exercised warrants on Tropicana.

Icahn of course graced the updated Forbes' billionaire list and is known for his activism at companies in an attempt to generate shareholder value. Other recent notable activity out of Icahn's camp includes raising his bid for Lions Gate Entertainment (LGF) and acquiring even more Take Two Interactive (TTWO) shares. He's been quite busy as of late and we'll continue to keep you posted on developments.

Taken from Tropicana Entertainment's website, they are "a privately held company that, along with its affiliates, owns or operates 9 casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, and New Jersey."

You can view all our prior Carl Icahn coverage here.

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