Icahn Enterprises halves quarterly dividend to 50c from $1.00

Carl Icahn of Icahn Enterprises (IEP) said in the company’s earnings release, “As of October 31, we had approximately $2.3 billion between cash and cash equivalents at the holding company and the investment funds. I believe one such opportunity is CVI and, as such, we intend to launch a tender offer to acquire additional shares. To help fund this investment and take advantage of additional opportunities, both within and outside of our existing portfolio, while also maintaining the war chest, we have made the decision to decrease the quarterly distribution from $1.00 per depositary unit to $0.50 per depositary unit. At yesterday’s share price, this new distribution reflects a 16% annualized yield.” Shares of Icahn Enterprises are down 7% to $12.03 in morning trading.