Appeals Court Blocks Icahn Offer on Reliance

A Manhattan federal appeals court extended an order Monday blocking billionaire financier Carl Icahn from proceeding with his $40 million tender offer. Earlier this month, Reliance received a temporary restraining order, which would have expired Wednesday.

The company opposed Icahn’s offer because it is intended to block a bankruptcy restructuring. A court hearing is scheduled for next Tuesday. Also, Reliance had planned to announce a reorganization plan by Wednesday and remains in discussions with state insurance regulators.