Carl Icahn filed another lawsuit against Phillips.
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The latest legal action by the New York financier seeks to prevent directors of Phillips Petroleum from soliciting stockholder support for a recapitalization plan. The measure will be voted on at a special shareholders meeting Friday in Bartlesville, Okla., where the firm is based. Icahn is attempting to defeat the recapitalization plan so that his own tender offer for the company’s shares can go forward. Icahn is offering $60 a share in cash for 45% of the firm’s stock and $50 a share in debt securities for the remainder.
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