Sunday, 28 August 2016
Last updated 1 day ago
Jun 7 2013 | 1:31pm ET
Carl Icahn has urged Dell Inc. shareholders to reject the $24.4 billion buyout offer from company founder Michael Dell and private-equity firm Silver Lake Partners.
Icahn and Southeastern Asset Management didn't provide any new details about their own leveraged recapitalization plan, which Dell this week rejected as "unrealistic" and suffering from a $3.9 billion funding shortfall, in the regulatory filing yesterday. But they did disclose that, during talks between Southeastern and Michael Dell last June, Southeastern sketched out a buyout at $17 per share.
Michael Dell and Silver Lake are offering $13.65 per share.
Icahn and Southeastern have been fighting the buyout deal, calling it the "great giveaway" and threatening litigation and a proxy battle. Presumably, a proxy battle would ensue if the Dell-Silver Lake deal is rejected. Shareholders are set to vote on it on July 18.