Icahn's stake in Alliance Data dips below 5%

By Lisa Kerner

Charlotte, N.C., Feb. 11 - Alliance Data Systems Corp. investors led by Icahn Partners Master Fund LP sold 1.2 million shares of the company's stock on Feb. 8 for $55.00 per share.

As a result, the investors beneficially own 2,148,200 shares, or 2.73%, of the company's outstanding stock.

The transactions were reported in a schedule 13D filing with the Securities and Exchange Commission.

It was previously reported that Alliance Data dismissed without prejudice its lawsuit against the Blackstone Group LP affiliates Aladdin Solutions, Inc. and Aladdin Merger Sub, Inc.

Under the terms of their May 17, 2007 merger agreement, Blackstone would acquire all of the outstanding common stock of Alliance Data through Aladdin Solutions and Aladdin Merger Sub for $81.75 per share in cash in a deal valued at some $7.8 billion.

Alliance Data has identified various potential solutions to approval-related issues that Blackstone considers impediments to completing the merger, prompting the lawsuit's dismissal.

Dallas-based Alliance Data provides marketing, loyalty and transaction services.

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