Wednesday, 23 July 2014
Last updated 8 hours ago
Jul 2 2013 | 2:28am ET
With the funding he says he needs in place, Carl Icahn is looking forward to a future in which he controls Dell Inc.—and names the computermaker’s next CEO.
Icahn, who has secured $5.2 billion in financing for a proposed $16 billion share buyback program, pledged yesterday to find an “excellent” CEO to run the struggling company. Dell’s current CEO, founder Michael Dell, is behind a $24.4 billion buyout deal that Icahn opposes.
Icahn told CNBC that he’s held talks with a number of potential CEOs, although none is willing to commit until it is clearer that Icahn might win control of the company. “Nobody really wants to go into a beehive,” he said. “You want to know pretty much where you stand.”
That could take a while: Icahn and his partners, Southeastern Asset Management, first must convince shareholders to reject Dell’s deal, backed by private-equity firm Silver Lake Partners, on July 18. Then, they must win control of Dell’s board in a proxy battle.
Dell has said that Icahn’s plan faces a $2.9 billion funding shortfall, even with the arranged financing. Icahn rejects the company’s claims, and told CNBC that it is “self-evident that we have a superior offer.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…