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Icahn pitches VISX sale
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April 10, 2001: 6:52 p.m. ET
Financier proposes auction of laser correction product firm for $32 a share
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NEW YORK (CNNfn) - Financier Carl Icahn proposed to auction off VISX Inc. for a minimum of $32 a share, according to a filing with the Securities and Exchange Commission Tuesday.
Barberry Corp., an Icahn investment vehicle, will attempt to a elect a slate of five directors, which will include Icahn, to VISX's board at the company's annual meeting May 4. If the board is elected, Icahn will propose that the new board sell the company at a minimum price of $32 a share.
 With 57.6 million shares outstanding, a purchase of VISX (EYE: down $0.89 to $19.10, Research, Estimates) would be valued at $1.8 billion. The $32 sale price also represents a 40 percent premium to VISX closing share price of $19.14 Tuesday.
Icahn has no plans to take part in the sale but is not precluded from the doing so, the SEC filing said. Icahn also plans to double the company's share buyback program to 20 million from 10 million through an immediate tender offer at $25 a share.
Last week, Icahn lost a bid to take over Trans World Airlines. Icahn has a 10.5 percent stake in Santa Clara, Calif.-based VISX, the nation's no.1 maker of laser vision correction products.
VISX declined to comment. 
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