Icahn raises Dell stake as shareholder vote nears

August 6, 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: Dell: Investors offer short by $3.9B

Related Stories

Dell: Investors offer short by $3.9B

June 5, 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 and Southeastern push against Dell buyout

June 6, 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.

Icahn boosts offer for Dell

July 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

July 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 ...

Icahn sues over Dell buyout bid

August 1, 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.

Recommended for you

The ethics of robot love

November 25, 2015

There was to have been a conference in Malaysia last week called Love and Sex with Robots but it was cancelled. Malaysian police branded it "illegal" and "ridiculous". "There is nothing scientific about sex with robots," ...

No lens? No problem for FlatCam

November 23, 2015

How thin can a camera be? Very, say Rice University researchers who have developed patented prototypes of their technological breakthrough.


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.