Friday, 21 October 2016
Last updated 12 hours ago
Jul 1 2013 | 12:26pm ET
Carl Icahn has secured the $5.2 billion in financing he claims to need to effect his proposed $16 billion share buyback program at Dell Inc.
A group of banks and institutional investors put up the money, Reuters reports.
Icahn and Southeastern Asset Management are battling a proposed $24.4 billion buyout of the computer-maker by founder Michael Dell and private-equity firm Silver Lake Partners. They argue that the going-private transaction is little more than a giveaway of the company, and plan to seek control of Dell's board if shareholders vote down the buyout later this month.
Dell has accepted the Dell-Silver Lake deal, arguing that the company must go private to effect the changes it needs. The company has also said that Icahn and Southeastern have not taken into account just how bad its financial situation is, and that, even with the $5.2 billion, Icahn remains $2.9 billion short of funding.