Icahn Discloses Recent Derivative Trades on Nuance (NUAN)

June 24, 2013 5:00 PM EDT
Nuance Communications (Nasdaq: NUAN) is flat in late trading Monday following a Form 4 filed by activist investor Carl Icahn.

Icahn disclosed transactions involving call and put options on June 20th, 21st, and 24th:
  • June 20 - 262,005 call options purchased for $6.29 per contract and 262,005 put options were sold;

  • June 21 - 333,100 call options were purchased at $6.20 each, 333,100 puts were sold; and

  • June 24 - 550,229 call options were purchased for $5.88 per contract, 550,229 puts were sold.

In the footnotes, Icahn disclosed the following:

* High River directly beneficially owns 3,218,174 American-style call options (the "Call Options"), Icahn Partners directly beneficially owns 4,854,164 Call Options, Icahn Master directly beneficially owns 5,132,987 Call Options, Icahn Master II directly beneficially owns 2,003,933 Call Options, and Icahn Master III directly beneficially owns 881,611 Call Options.

* High River directly wrote 3,218,174 European-style put options (the "Put Options"), Icahn Partners directly wrote 4,854,164 Put Options, Icahn Master directly wrote 5,132,987 Put Options, Icahn Master II directly wrote 2,003,933 Put Options, and Icahn Master III directly wrote 881,611 Put Options. In each case, the exercise, termination or transfer of the Call Options will reduce the number of Put Options on a one-for-one basis.

* The Call Options reference an aggregate of 16,090,869 Shares, have an exercise price of $12.30, expire on February 20, 2015, and provide for physical settlement. The Put Options reference an aggregate of 16,090,869 Shares, have an exercise price of $12.30, expire on February 20, 2015, and provide that they settle in cash.


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