Corporate Raider Changes Aim

Carl Icahn, the 1980s corporate raider, is taking steps to raise $500 million through a public sale of securities that would let other investors bet on his forays, sources familiar with the plan said Friday.

The sources, who spoke on condition of anonymity, confirmed that the offering likely will take the form of a debt security, structured so that buyers also would have an ownership stake in Icahn’s investment success.

According to a study by USA Today, Icahn has averaged an annual return of 56 percent over the past six years.