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BRIEFLY

Carl C. Icahn threatened to lower his TWA offer.

August 17, 1985

The corporate raider told Trans World Airlines' directors that if the airline takes any actions that decreases the value of TWA to him--such as selling assets or issuing more stock options to rival suitor Texas Air Corp.--"he would be compelled" to lower his $24-per-share offer for the carrier. Icahn also said he was so confident that his offer would be consummated before Nov. 30 that he would increase it by 25 cents per share for each 30-day period beyond that date that consummation of his takeover proposal is delayed. He contended that Texas Air's $26-per-share bid could not be consummated before March 1, 1986, because of regulatory delays.

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