A Manhattan federal appeals court extended an order Monday blocking billionaire financier Carl Icahn from proceeding with his $40 million tender offer. Earlier this month, Reliance received a temporary restraining order, which would have expired Wednesday.
The company opposed Icahn’s offer because it is intended to block a bankruptcy restructuring. A court hearing is scheduled for next Tuesday. Also, Reliance had planned to announce a reorganization plan by Wednesday and remains in discussions with state insurance regulators.
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
US P/C Rebounds to Post Q1 Underwriting Gain; Net Income Doubles 
Space Startups Seek Insurance for Orbital AI Data Centers 
