NEW YORK -- Billionaire investor Carl Icahn has raised his stake in Nuance Communications (NUAN) over the past month to almost 17%, nearing a threshold that would trigger defensive mechanisms to thwart a hostile takeover.
A regulatory filing shows that Icahn held about 52.4 million shares, or 16.9 percent of Nuance's outstanding shares, as of Thursday.
The disclosure tallied share purchases over several weeks, beginning Aug. 7.
Earlier this month, the voice recognition software maker adopted a plan to shield itself against a hostile takeover in the event a person or group acquired 20% or more of the company's stock without board approval.When such "poison pills" kick in, they enable existing stockholders to acquire additional shares at lower prices. Shares of Nuance Communications Inc. are down 14% this year.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV