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Kabel Deutschland trades at 8.7 times Ebitda, before any takeover premium.
Any takeover is likely to value the company at more than $10 billion.
Any takeover would will also require approval under federal foreign investment laws.
Any takeover involving News Corporation could require a rethinking of the Formula One business model.
Chesapeake Energy's largest shareholder urged the company on Monday to be open to any takeover offers.
The company also said it was unaware of any takeover approaches.
Any takeover of Bwin would continue a pattern of deals in the gaming sector.
This gives the attorney general a powerful incentive to block any takeover.
Earlier in the day, the Roosevelt school board vowed to fight any takeover in court.
Mr. Icahn said he agreed, so long as any takeover is not hostile.
While only the federal government has the power to disallow any takeover, it has said it will consult the province.
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