Icahn makes offer for Vivus' debt

Obesity company Vivus Inc. (NASDAQ:VVUS) jumped $0.15 (13%) to $1.35 on Wednesday after Carl Icahn's Icahn Enterprises L.P. made a tender offer for the company's outstanding 4.5% convertible senior notes. Icahn is offering to pay $680 in cash for each $1,000 of notes.

Although Icahn is offering to buy the notes at a discount, holders might find the haircut acceptable given how far underwater the notes are from the conversion price. ...