Icahn Will Lead Challenge to Silver Lake Deal for WWE Parent (1)

Billionaire activist investor Carl Icahn won a central role Monday in litigation challenging Silver Lake’s $13 billion acquisition of Endeavor Group Holdings Inc., the conglomerate that owns the WWE and UFC.

A Delaware judge conferred the lead designation on Icahn and a Swedish bank, Handelsbanken Fonder AB, saying their substantial institutional investments—totaling $757 million at the deal price—gave them an advantage over the retail shareholder who made a competing bid. The class action parallels a separate attempt at litigation arbitrage involving hedge funds holding shares worth more than $4 billion.

“Having more to gain provides a powerful motive ...