Carl to the rescue (again)
Shares of Transocean (NYSE: RIG) are up around 3% to just shy of $56 Monday morning. It was recently announced that Carl Icahn acquired a 3% stake in voting rights. Icahn is one of the most famous activist investors - he also took a significant position in RIMM in September of 2011.
What are you thoughts are Carl's latest move and/or activist investing in general?
http://stream.wsj.com/story/markets/SS-2-5/SS-2-143669/?mod=WSJ_Markets…
http://www.reuters.com/article/2011/09/27/us-rim-idUSTRE78Q39A20110927
I think it's a good long-term move based solely on the fact that the general trend in offshore E&P is moving into deeper and more challenge waters which translates into higher rig rates. Don't know much about RIG's financials though.
He must have had a shit load of cash just a year ago.
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