U.S. News

Icahn Denies Samsung Electronics Bid Rumors


Billionaire investor Carl Icahn does not hold shares in Korea's Samsung Electronics and has no plans to bid for the company, contrary to press speculation in the last week, an Icahn representative said on Tuesday.

Shares in Samsung shot up more than 6% last Friday after a newspaper said the world's top memory chip maker was preparing to defend itself against a possible hostile foreign bidder.

The Chosun Ilbo quoted an unnamed high-ranking Samsung official as saying that the company received information that Icahn and other hedge funds were readying hostile bids for Samsung.