Stocks of JetBlue Airlines (JBLU) are up 15% on information that activist investor Carl Icahn has taken a stake within the embattled airline and is asking for a seat at the board of administrators.
Media experiences say that Icahn has taken a just about 10% stake in JetBlue and sees the service’s inventory as undervalued.
Icahn is now agitating for a seat at the board and needs to lend a hand flip the suffering bargain airline round.
In a written commentary, JetBlue mentioned: “We’re all the time open to optimistic discussion with our buyers as we proceed to execute our plan to support worth for all of our shareholders…”
Icahn has an extended historical past of involvement with the airline trade, courting again to the Nineteen Eighties when he took TWA non-public ahead of that service in the long run filed for chapter.
JetBlue is making an attempt to go back to profitability following the Covid-19 pandemic. Its proposed merger with rival bargain service Spirit Airways (SAVE) used to be not too long ago blocked by means of a federal pass judgement on over festival considerations.
JetBlue additionally not too long ago appointed a brand new leader govt officer (CEO) in Joanna Geraghty, an trade veteran who took over on Feb. 12, the day that Icahn disclosed his stake within the airline.
Previous to these days (Feb. 13), the inventory of JetBlue had declined 29% during the last 365 days to industry at $6.07 U.S. in keeping with percentage.