Washington—Billionaire corporate raider Carl Icahn, now the second-largest single stakeholder in Chesapeake Energy, last week threatened to do whatever is “necessary to protect the value of this company” unless wholesale changes are made to the board of directors. In a regulatory filing immediately after the close of markets May 25, Icahn revealed he has accumulated a 7.56%, $785.3 million stake in the Oklahoma City gas producer, having spent just over a month buying 50.1 million shares as Chesapeake’s stock price crumbled.
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