Carl Icahn Sells More Nuance Communications, Files 13D on Manitowoc Foodservice ~ market folly

Friday, March 18, 2016

Carl Icahn Sells More Nuance Communications, Files 13D on Manitowoc Foodservice

Activist investor Carl Icahn has made a few more SEC filings as of late.

First, he has updated his position in Nuance Communications (NUAN).  We already highlighted how he trimmed his NUAN stake earlier this month and he has done so again.

A 13G filed with the SEC shows that Icahn now owns around 30 million shares of NUAN, or around 9.88% of the company.  This is down from the 34.4 million shares he owned recently.  The filing shows he sold shares on March 16th at a price of $19.00.  NUAN shares currently trade around $19.49.

Per Google Finance, Nuance Communications is "a provider of voice and language solutions for businesses and consumers across the world. The Company's solutions are used in healthcare, mobile, consumer, enterprise customer service, and imaging markets. The Company offers accuracy, natural language understanding capability, domain knowledge and implementation capabilities. The Company's solutions are based on the Company's voice and language platform and are used by businesses for tasks and services, such as requesting information from a phone-based self-service solution, dictating medical records, searching the mobile Web by voice, entering a destination into a navigation system, or working with portable document format (PDF) documents. The Company offers its solutions to its customers in a range of ways, including through products, hosting, professional services and maintenance and support. The Company operates in four segments: Healthcare, Mobile and Consumer, Enterprise, and Imaging." 

Icahn Files 13D on Manitowoc Foodservice

Secondly, Icahn has also filed with the SEC regarding shares of Manitowoc Foodservice (MFS).  Per the filing, Icahn now owns 7.73% of the company with over 10.58 million shares.  Icahn acquired these shares in connection with the company's separation from Manitowoc, a catalyst he pushed for. 

Icahn gets board representation on this new entity as part of a prior agreement.  The filing was made due to activity on March 4th.

Per Google Finance, Manitowoc Foodservice, Inc. is a commercial foodservice equipment company. The Company designs, manufactures and services an integrated portfolio of hot and cold category products. The Company supplies foodservice equipment to commercial and institutional foodservice operators, such as full-service restaurants, quick-service restaurant chains, hotels, caterers, supermarkets, convenience stores, business and industry, hospitals, schools and other institutions. The Company operates through three segments: Americas, EMEA and APAC. The Americas segment includes the United States, Canada and Latin America. The EMEA segment consists of Europe, Middle East and Africa, including the United Kingdom, the Nordic countries, Germany, France, Spain, Italy and Switzerland, as well as Egypt, South Africa and Dubai. The APAC segment consists of markets in China, Singapore, Australia, India, Malaysia, Indonesia, Thailand and the Philippines.

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