LeBow, Icahn Raise Stake in RJR Nabisco to 6.4%
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WASHINGTON — Investors Bennett LeBow and Carl Icahn, who are waging a proxy fight against RJR Nabisco Holdings Corp., have raised their stake in the food and tobacco giant to a combined 6.4%, according to a Securities and Exchange Commission filing.
The stake, an increase from the previous 5.8%, represents 17.5 million common shares. The disclosure was made by LeBow and two of his companies, Brooke Group Ltd. and New Valley Corp.
LeBow and Icahn are in a proxy fight with RJR to replace the company’s board with their nominees. The two want to hasten the spinoff of the company’s food unit, Nabisco Holdings Corp.
In the SEC filing, the LeBow group said it had been informed by companies controlled by Icahn that as of March 13, the Icahn entities had raised their holdings in RJR to 12.4 million shares, or 4.5% of the common stock outstanding.
Previously, the Icahn group held 10.8 million shares, representing a 3.9% stake. Details of the Icahn group’s latest purchases were not in the filing.
The LeBow group continues to hold a 1.9% stake, or 5.16 million common shares, according to the filing.
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