Lawson Software

Carl Icahn says he has acquired an 8.54% stake in Lawson Software Inc.

Lawson, headquartered in St. Paul, Minnesota, is a B2B software concern, with an especially intriguing line of products in the healthcare human-resources field. What intrigues me, to be specific, is the idea that healthcare has human resources needs that in turn have software needs that constitute a niche in themselves.

Indeed, on Thursday, May 20, Lawson announced it had signed an important deal with Life Science Innovations (LSI). The software will help LSI "integrate its human resource functions, including replacing its legacy in-house payroll system with one that helps streamline reporting processes and helps enable access to critical workforce information by employees and managers across the organization," said the release.

Reality is fractal.

Anyway, Icahn has decided that the stocks are undervalued, so he has bought a stake and wants to talk to company management about how it can get that price up. Here's the Reuters story.

Here's the link to the SEC filing, which doesn't tell you anything more than the Reuters story does, but which uses a heck of a lot more words.

Why? Here's one reason why: "In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock of Lawson Software, Inc. and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings. In evidence thereof, the undersigned, being duly authorized, have executed this Joint Filing Agreement this 21st day of May, 2010."

Who are the "persons named below"? Here is the full list.

ICAHN PARTNERS MASTER FUND LP
ICAHN PARTNERS MASTER FUND II LP
ICAHN PARTNERS MASTER FUND III LP
ICAHN OFFSHORE LP
ICAHN PARTNERS LP
ICAHN ONSHORE LP
BECKTON CORP.
HOPPER INVESTMENTS LLC
BARBERRY CORP.
HIGH RIVER LIMITED PARTNERSHIP

For a variety of reasons, it is valuable for Icahn to do his business through that wide range of partnership and corporate entities, and each one of them ends up adding to the long-windedness of the documentation.

Ah, Icahn! Ah, humanity!