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Icahn Says Chesapeake Can Meet Funding Gap by Cutting Costs

Activist investor Carl Icahn said that Chesapeake Energy Corp.'s (CHK) assets are undervalued, and the company's worth is likely to rise in coming years as natural gas becomes more prized. In an interview with CNBC, the activist investor, who has recently become troubled Chesapeake's second-largest shareholder, said that Chesapeake has very good assets, but "they couldn't afford to buy some of them," generating a big funding gap. "They can definitely meet" that gap by cutting costs, he said. The Oklahoma City-based energy company has been under fire from shareholders such as Mr. Icahn, who have questioned the board's loose oversight of Chief Executive Aubrey McClendon. Last month, that sentiment resulted in an overhaul of the board, and Mr. McClendon's separation of his role as chairman. Mr. Icahn, who helped bring about the overhaul, said he isn't going to sell his Chesapeake shares in the short term, as he thinks they will rise in value significantly. "I hope you're going to see a much higher price," he said. Mr. Icahn, who on Monday accused Forest Laboratories Inc.'s (FRX) Chief Executive Howard Solomon of dumping $500 million of stock ahead of the loss of patent exclusivity on antidepressant Lexapro, said that that the drug maker was a "quintessential example of what is wrong with governance" in corporate America. Mr. Icahn has been involved in a long-running battle with Forest Laboratories's board--which was reignited earlier this month when he nominated four candidates to its board--and last week he sued the company in a bid to get more insight on its succession plan. He told CNBC that he would "like to avoid a proxy fight" in his battle with the board. That said, he wouldn't support selling the company. "Not at this point," Mr. Icahn said. "You can't do it at this point." Write to Angel Gonzalez at angel.gonzalez@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
12/06/201608:04:00Chesapeake Energy Corporation Announces Cash Tender Offers For...
12/06/201608:02:00Chesapeake Energy Corporation Announces Cash Tender Offers For...
12/06/201607:59:00Chesapeake Energy Corporation Announces Private Placement Of...
12/05/201607:00:00Chesapeake Energy Corporation Announces Agreement To Sell First...
12/02/201618:07:00Rosen Law Firm Reminds Chesapeake Energy Corporation Investors...
12/02/201616:05:00Chesapeake Energy Corporation Announces Changes To Board Of Directors
11/25/201609:30:00INVESTOR ALERT: Levi & Korsinsky, LLP Reminds Shareholders of...
11/23/201610:26:00CHK ALERT: Rosen Law Reminds Chesapeake Energy Corporation Investors...
11/21/201610:28:00CHK SHAREHOLDER ALERT: The Law Offices of Vincent Wong Reminds...
11/15/201609:46:00CHK INVESTOR ALERT: The Law Offices of Vincent Wong Reminds Investors...
11/11/201618:32:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...
11/11/201610:51:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Reminds Shareholders...
11/09/201614:33:00CHK SHAREHOLDER ALERT: The Law Offices of Vincent Wong Notifies...
11/07/201611:50:00EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class...
11/06/201608:00:00DEADLINE ALERT: Brower Piven Alerts Shareholders Of Upcoming...
11/03/201608:50:00Chesapeake Energy Results Not as Bad as Feared
11/03/201608:35:00Chesapeake Energy Results Not as Bad as Feared, Shares Higher
11/03/201607:00:00Chesapeake Energy Corporation Reports 2016 Third Quarter Financial...
10/28/201617:46:00Lifshitz & Miller Law Firm Announces Investigation of Alnylam...
10/19/201618:40:00Chesapeake Energy to Revise Wyoming Pact

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