Icahn Won't Seek Dell Appraisal

Oct 7 2013 | 9:44am ET

Carl Icahn will end his battle to block Dell Inc.'s sale to its founder and a private-equity firm with one arrow left in his quiver.

Icahn said in a Twitter post that he would not seek appraisal rights for his 156.5 million Dell shares. The billionaire abandoned his fight to block the Dell buyout last month, but still vowed to seek appraisal rights, allowed under Delaware corporate law, which could have forced Michael Dell and Silver Lake Partners to pay more than that $13.88 per share agreed under the deal. Icahn had also urged other shareholders to do so, arguing that the $24.8 billion buyout "greatly undervalues" the computer-maker.

On Friday, however, Icahn told his Twitter followers that he "withdrew his demand for appraisal," writing "we believe we have better uses for $2 billion." Icahn will receive $2.2 billion under the Dell deal, which was approved by shareholders last month.

According to Bloomberg News, Dell received appraisal requests for 225 million shares, including Icahn, leaving some 68.5 million shares still proceeding with the process. It is unclear whether Icahn's decision will affect the plans of those shareholders.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of