Icahn Has His Way with Temple-Inland Inc. (TIN)
This morning, Carl Icahn-target Temple-Inland Inc. (NYSE: TIN) said its Board of Directors approved a transformation plan to seperate the company into three focused, stand-alone, public companies and the sale of its strategic timberland.
The company's plan includes: Retaining its manufacturing operations - corrugated packaging and building products, Spinning off its financial services operation, Spinning off its real estate operation, and Selling its strategic timberland.
Investors are loving the news, sending the shares up 13%.
In January, Icahn disclosed his large position in TIN noting the stock was undervalued due to the conglomerate structure. Icahn said he would recommend a divestiture or spin-off of one or more of the Company's component businesses. Recently, Icahn took it a step further saying he would seek to nominate four individuals to the company's board.