Icahn has accumulated a 9.77% stake in Cyberonics and is backing an effort to have three directors replaced, Reuters reports. With the shakeup in management, rumors have started that the firm will be sold, and potential buyers may think they can get a bargain compared to what competitors Advanced Neuromodulation Systems and Advanced Bionics went for. But you can be sure Icahn will do whatever he can to increase the company's value before a sale. Cyberonics was named one of MD&DI's 50 Companies to Watch last June. We were right -- but for a different reason.
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