Billionaire Carl Icahn Pours $84,700,000 Into Low-Cap Stock, Triggering Major Breakout and Effort To Avoid Corporate Takeover
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Billionaire Carl Icahn's hedge fund has acquired a 15% stake in Monro (MNRO), investing approximately $84.7 million. This move triggered a significant stock price increase, with shares rising nearly 20% to around $17.98. In response, Monro has adopted a shareholder rights plan to fend off potential takeovers. Icahn's investment comes amid a challenging period for his fund, which has faced losses due to unsuccessful short-selling strategies. Icahn Enterprises' shares are currently trading at $9.06, down 94% from their peak in 2013.
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