Friday, May 25, 2018
Carl Icahn speaking at Delivering Alpha in New York on Sept. 13, 2016.

David A. Grogan | CNBC
Carl Icahn speaking at Delivering Alpha in New York on Sept. 13, 2016.

AmTrust Financial Services shares jumped in after-hours trading Thursday after activist investor Carl Icahn disclosed a nearly 9.4 percent stake in the company.

“You have structured your take-over to ensure that the transaction is reviewed under the lower, more deferential ‘business judgment’ standard, as opposed to the enhanced, more stringent ‘entire fairness’ standard,” the investor said in a letter.

Icahn also said the company’s board set April 5 as the date of record for shareholders to vote in a June 4 meeting, without letting shareholders or the market know. He called for the board to change the record date and special meeting immediately.

AmTrust did not immediately respond to CNBC requests for comment.

— CNBC’s Liz Moyer contributed to this report.

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