Icahn raises Dell stake as shareholder vote nears

Aug 06, 2013

Carl Icahn's stake in Dell now stands at close to 9 percent, supporting his promise that the fight for the embattled computer maker will go on.

The billionaire investor disclosed in a regulatory filing late Monday that he's purchased an additional 4 million shares in Dell Inc.

Icahn bought the shares Thursday, according to the filing, the same day he filed suit to block any delay in a shareholder vote over company control and a day before founder CEO Michael Dell strengthened his bid to take the company private.

Michael Dell and Silver Lake Partners' latest buyout bid is $13.75 per share, with stockholders also receiving a special dividend of 13 cents per share. That would cost about $230 million, based on Dell's 1.76 billion outstanding shares.

A shareholder vote on the offer is scheduled for Sept. 12.

Icahn is suing to force the company to hold its annual meeting—set for Oct. 17—on the same day as the vote on the deal. Icahn wants to oust Dell's board and has put together a deal that he says would be worth at least $15.50 per share for holders of Dell's stock.

Michael Dell says he wants to diversify the , which has struggled to keep pace with the rapid shift by consumers away from personal computers to smartphones and . He believes he has a better chance of saving Dell if it reverts to private ownership, removed from the quarter-to-quarter scrutiny of Wall Street.

If shareholders vote in favor of Dell's bid, the company will become a private entity for the first time in a quarter-century.

Company shares edged slightly lower before the opening bell Tuesday.

Explore further: Icahn sues over Dell buyout bid

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Icahn sues over Dell buyout bid

Aug 01, 2013

American investor Carl Icahn has filed a lawsuit aimed at blocking changes in timing and terms for shareholder voting Friday on a bid to take computer maker Dell private.

Icahn and Southeastern push against Dell buyout

Jun 06, 2013

Activist investor Carl Icahn and Southeastern Asset Management Inc. are formally urging Dell shareholders to reject a buyout offer from the struggling PC maker's founder and investment firm Silver Lake Partners.

Dell: Investors offer short by $3.9B

Jun 05, 2013

Dell says a buyout offer from shareholder Southeastern and billionaire investor Carl Icahn is about $3.9 billion short of the amount needed to pay shareholders as promised and operate the business.

Icahn boosts offer for Dell

Jul 12, 2013

Corporate raider Carl Icahn and his allies boosted their offer for troubled US computer giant Dell, and repeated their call for shareholders to reject a $24.4 billion private equity buyout.

Icahn backs sweeter Dell counterproposal

Jul 14, 2013

Billionaire investor Carl Icahn is proposing that Dell shareholders get a chance to own a bigger stake in the struggling computer maker in hopes of thwarting an attempt by the company's founder to buy it for $24.4 billion ...

Recommended for you

Ex-Apple chief plans mobile phone for India

1 hour ago

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

14 hours ago

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

US venture investments highest since 2001 (Update)

Apr 18, 2014

Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into a growing number of deals, according to a report due out Friday.

User comments : 0

More news stories

Ex-Apple chief plans mobile phone for India

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

Health care site flagged in Heartbleed review

People with accounts on the enrollment website for President Barack Obama's signature health care law are being told to change their passwords following an administration-wide review of the government's vulnerability to the ...

A homemade solar lamp for developing countries

(Phys.org) —The solar lamp developed by the start-up LEDsafari is a more effective, safer, and less expensive form of illumination than the traditional oil lamp currently used by more than one billion people ...

NASA's space station Robonaut finally getting legs

Robonaut, the first out-of-this-world humanoid, is finally getting its space legs. For three years, Robonaut has had to manage from the waist up. This new pair of legs means the experimental robot—now stuck ...

Filipino tests negative for Middle East virus

A Filipino nurse who tested positive for the Middle East virus has been found free of infection in a subsequent examination after he returned home, Philippine health officials said Saturday.

Egypt archaeologists find ancient writer's tomb

Egypt's minister of antiquities says a team of Spanish archaeologists has discovered two tombs in the southern part of the country, one of them belonging to a writer and containing a trove of artifacts including reed pens ...