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.
Judge Awards Applied Systems Preliminary Injunction Against Comulate 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
‘Structural Shift’ Occurring in California Surplus Lines 
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
