(Bloomberg) -- JetBlue Airways Corp. shares jumped 12% postmarket after activist investor Carl Icahn reported a 9.91% holding in the airline.

Icahn Enterprises LP’s stake is equivalent to $204.1 million, according to a new 13D filing with the U.S. Securities & Exchange Commission. 

The filing also referenced cash-settled derivatives that may affect the activist’s total exposure.

Key Excerpts:

  • The Reporting Persons acquired their positions in the shares of Common Stock in the belief that they were undervalued and represented an attractive investment opportunity.
  • The Reporting Persons have had, and intend to continue to have, discussions with members of the Issuer’s management and board of directors regarding the possibility of board representation.
  • The Reporting Persons may from time to time and at any time: (i) acquire additional shares of Common Stock and/or other securities and/or instruments (including equity, debt or other securities or instruments) of the Issuer (or its affiliates) in the open market, in privately negotiated transactions, or otherwise; (ii) dispose of any or all of their shares of Common Stock and/or other securities and/or instruments of the Issuer (or its affiliates) in the open market, in privately negotiated ...

Click here for the 13D filing.

Shares of JetBlue have declined 27% in the past year, compared with the 23% rise in the Standard & Poor’s 500 Index. The Long Island City, New York-based industrials company has a market cap of $2.06 billion. Shares of 65 target companies have advanced an average of 32% while the activist was involved.

Success is based on achieving objectives/obtaining board seats. Outcome is Not Applicable if campaign had no objectives.

(Adds shares)

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