Deals
Ex-Icahn Deputy Presses Tenneco to Sell or Face Proxy Fight
- Former CEO for famed activist wants half the board replaced
- Value of Icahn’s stake in company has dropped by $175 million
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Auto supplier Tenneco Inc. is facing the threat of a proxy battle with an activist investor who has sent a sharply worded letter to directors urging them to sell part or all of the company.
Dan Ninivaggi, who used to run Icahn Automotive Group for billionaire Carl Icahn, outlined his demands in a letter to Tenneco’s board on Jan. 6. He calls for half of Tenneco’s 10 directors to be replaced at the company’s next annual meeting. And he pressed for the supplier to either raise cash for debt payments by auctioning off its aftermarket-parts unit, or put the entire company up for sale.