Icahn Vs. Rjr: Don't Yawn

Has Carl Icahn lost his "terror" touch? Once feared as a takeover artist, his latest threat--to wage a proxy battle at RJR Nabisco (RN) in the wake of Ben LeBow's failed attempt to replace the board--hasn't nudged the stock up at all. It has traded between 30 and 33 a share all year, and Icahn's recent purchase of additional shares (he now owns 13 million, a 4.9% stake), accompanied by a disclosure that he's determined to back a non-LeBow group to force management to spin off the Nabisco food operations, has left most investors yawning.

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