Forbes Media President Steve Forbes discusses the trend for companies to move from the northeast to Florida – probably due to the warmer climate and less taxation.
AKRON, Ohio – Billionaire investor Carl Icahn has signaled an interest in making a large-voting purchase of shares in one of the country’s largest electricity utilities, which is currently under investigation for his role in an Ohio bribery scandal.
Akron-based FirstEnergy employees announced on Thursday, during an annual investor call, that they received a letter from Icahn Capital LP on Tuesday saying the company has a “current good faith intention” to buy more than $ 184 million in voting shares, but less than $ 920 million.
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FirstEnergy ‘s share price reached $ 35.11 in mid-afternoon trading on Thursday, after opening at $ 31.59 and closed higher than 7%.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| FAITH | FIRSTENERGY CORP. | 34.22 | +2.26 | + 7.07% |
The company does not know what Icahn’s intentions are or whether he has bought shares so far, said FirstEnergy chief financial officer John Taylor.
A message seeking comment was left with Icahn.
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FirstEnergy is the target of investigations by the U.S. Department of Justice and the U.S. Securities and Exchange Commission. The company has been accused of secretly funding a $ 60 million bribery scheme involving former Ohio Mayor and others to get approval for a $ 1 billion bailout for two Ohio nuclear power plants operated by a wholly owned subsidiary .