Icahn to Disclose Chesapeake Stake: Report
NEW YORK (TheStreet) -- Chesapeake Energy(CHK) expects Carl Icahn to disclose he has taken a significant stake in the company, according to a published media report.
The report, published on The Wall Street Journal's Web site, cited anonymous sources familiar with the matter.
A representative for Icahn declined to comment Sunday, the report said.
"We're certainly a value play, but we can't know for certain that
The natural-gas company is under pressure to raise cash.
Shares of Chesapeake closed Friday down $2.37, or 13.8%, at $14.81 after the company said it might have to delay some planned asset sales because of debt agreements it had.
But the shares recovered in after-hours trading after Chesapeake said it had received a $3 billion loan from Goldman Sachs(GS) and Jefferies Group(JEF) that would give it more flexibility selling assets.
Icahn has invested in Chesapeake before, the Journal noted. He disclosed a 5.8% stake in December 2010, reduced the stake a few weeks later and then closed out the position last October, the Journal said.