Activist Update: Ramius extends Cypress Bioscience offer, Carl Icahn follows Seneca with active ownership stake in Dynergy

October 19th, 2010
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Last week activist shareholder Ramius Capital Group announced plans to extend its offer to purchase Cypress Bioscience, Inc. (NYSE: CYPB) for $4.25 a share. According to Hedge Fund Solutions’ Catalyst Equity Research Report for the week of October 15, Ramius Capital has extended its offer until November 10. Ramius first offered to purchase CYPB for $4.00 a share in July, and upped its purchase price to $4.25 in September. Ramius Capital currently owns 3,815,000 shares, or 9.9% of shares outstanding, in the company.

Ramius Capital has also been active in Extreme Networks, Inc. (NYSE: EXTR), of which the firm owns 6.4%, or 5,774,900 shares. EXTR recently entered into a settlement agreement with Ramius Capital in which the company agreed to increase its board to nine members and add one Ramius individual to the board. The settlement follows Ramius’s July 20 nomination of two individuals to EXTR’s board.

Also last week, Carl Icahn disclosed his 9.95% ownership position in Dynergy Inc. (NYSE: DYN). Mr. Icahn currently owns 12,000,000 shares in the company, the majority of which were purchased after Dynergy’s August 13 merger announcement with The Blackstone Group. Mr. Icahn has expressed his intention to discuss Blackstone’s recent $4.50/share buyout offer before shareholders vote on the issue on November 17 of this year. Mr. Icahn’s announcement closely follows Seneca Capital’s disclosure of its 9.3% active ownership position in DYN.

Ramius Capital Group is an activist hedge fund manager that was founded by Peter Cohen in 1994 and acquired boutique investment bank Cowen Group in 2009. Carl Icahn his founded diversified holding company Icahn Associates in 1985 and makes activist investments in various industries, including investment management, metals, real estate, and consumer goods.
For Detailed Investor Profiles on these Investors, click below:
Icahn Associates (Carl Icahn)
Ramius Capital Group
Seneca Capital
Related People: Alexander J. Denner; Brett Icahn; Carl Icahn; Douglas Hirsch; Jeffrey Smith; Jeffrey Solomon; Keith A. Meister*; Mark R. Mitchell; Mitchell Raab; Morgan Stark; Peter Cohen; Scott Pearl; Thomas Strauss
Related Entities: PAGS Investing LLC ; Seneca Capital International Master Fund; Seneca Capital Investments LLC; Seneca Capital Investments LP; Seneca Capital Management; Cowen Group Inc. (NASDAQ: COWN); High River Limited Partnership; Icahn Partners; Icahn & Co Inc; Icahn Associates; Icahn Enterprises (formerly American Real Estate Partners); Icahn Fund Ltd; Icahn Partners LP; Ramius Alternative Investments; Ramius Credit Fund; Ramius Enterprise LP; Ramius Intermediate Fund; Ramius Multi-Strategy Fund; Ramius Value and Opportunity Fund; Seneca Capital LP
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles; Investment Management and Hedge Fund Firm Mergers, Acquisitions, Spin-offs and Transactions


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