Activist investor Carl Icahn on Friday disclosed a 6.86 percent stake in Sharpie pens maker Newell Brands Inc , and said he could seek a board seat at the company, which is already battling another top shareholder over board representation.
In a regulatory filing, the billionaire investor said he would talk to Newell`s management about ways to boost shareholder value including asset sales and possible board representation.
Starboard Value LP, which owns about 4 percent of Newell, has been pushing to replace Newell`s entire board, arguing that the company has underperformed since it acquired Jarden Corp in 2016.
Icahn`s representatives have spoken to Starboard about its proxy contest with Newell, but Icahn has not decided which side to support, the filing showed.
"Although there is clearly no easy short-term fix for (Newell), we believe there is an important role for our brand of activism," Icahn said.
Shares of Hoboken, New Jersey-based Newell rose 2.4 percent in after-hours trading on Friday.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)