The Enduring Losses Incurred by Carl Icahn’s 5 Activist Targets over the Long Term

4. Transocean LTD (NYSE:RIG)

Stock Loss: 79.73%
S&P 500 Return: 44.47%

Transocean Ltd. (NYSE:RIG) was one of Carl Icahn’s top activist targets in 2013 as he sought exposure in the energy sector. The company and its subsidiary provide offshore contract drilling services for the oil and gas industry. In 2013, the activist investor acquired a 3.2% stake in Transocean Ltd. (NYSE:RIG) and started pushing for a shakeup of the board as he sought to unlock value through dividend payments.

A fierce proxy battle resulted in Transocean Ltd. (NYSE:RIG) agreeing to pay a $3 dividend, with Icahn getting seats on the board. Nevertheless, when Icahn exited his position in the company in 2016, Transocean Ltd. (NYSE:RIG) had lost nearly 79.73% in market value, underperforming the S&P 500, which had gained 44% over the same period.

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