Icahn Wavers On Dell Deal

Jun 18 2013 | 10:58am ET

Carl Icahn appears likely to abandon his bid to take control of computer-maker Dell Inc. as the company's results continue to deteriorate.

Icahn and Southeastern Asset Management have proposed a leveraged recapitalization of the company, in opposition to a proposed $24.4 billion buyout of Dell led by company founder Michael Dell and private-equity firm Silver Lake Partners.

Icahn and Southeastern have blasted that buyout—which goes to a shareholder vote next month—as "the great giveaway." But the two, which have already lined up $5.2 billion in financing, are worried about having to find another $2 billion to buy a company with such bad numbers, CNBC reports.

Dell said earlier this month that there was a $3.9 billion funding shortfall in Icahn's plans.

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