In fairly active pre-market action the stock is up 93 cents (6.28%) at $15.74.
This is a trading pop, Mr. Icahn's net worth of $14 Billion was not acquired by leaving table scraps for co-shareholders. Or even leaving a carcass, see Trans World Airlines (TWA).
From the Wall Street Journal:
Icahn Expected to Disclose Stake in Chesapeake
Chesapeake Energy Corp. CHK -16.00% is expecting activist investor Carl Icahn to disclose soon that he has taken a significant stake in the embattled natural-gas company, according to people familiar with the matter.
Such a move by Mr. Icahn could ratchet up pressure on Chesapeake, which faces a cash crunch and corporate-governance controversies that have pushed its stock to the lowest level since 2009; he has said previously that investors want the company to reduce its leverage. But he is also known to buy stocks he thinks have become bargains, and shares often rise as other investors mimic him. A spokeswoman for Mr. Icahn declined to comment on Sunday....MUCH MORE