Reuters: Technology News: Icahn bows out of battle for control of Dell

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Icahn bows out of battle for control of Dell Sep 9th 2013, 13:57 Tweet Share this Email Print Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Dell logos are seen at its headquarters in Cyberjaya, outside Kuala Lumpur September 4, 2013. Credit: Reuters/Bazuki Muhammad NEW YORK | Mon Sep 9, 2013 9:57am EDT NEW YORK (Reuters) - Activist investor Carl Icahn said on Monday he was bowing out of efforts to block founder Michael Dell's proposed buyout of Dell Inc, determining "it would be almost impossible to win." In a letter to shareholders, Icahn cited a change in the record date for stockholders allowed to vote on the proposed takeover by Dell and private equity firm Silver Lake, as well as a ruling that the gap period between the September 12 meeting and the annual meeting was legal. If the board had allowed the annual meeting to proceed at the same time as the rescheduled special meeting, Icahn argued Michael Dell and Silver Lake would have been under more pressure to increase their bid. Icahn and Southeastern Asset Management have argued that the $25 billion takeover offer by Michael Dell and Silver Lake undervalues the company. "The Dell board, like so many boards in this country, reminds me of Clark Gable's last words in "Gone with the Wind," they simply "don't give a damn," Icahn wrote in his letter. While he would not pursue efforts to block the deal, Icahn said he still opposed it and would move to seek appraisal rights, according to the letter that he filed with regulators. Dell shares were up 0.14 percent in early trading on Monday at $13.86. (Reporting by Sinead Carew and Nicola Leske; Editing by Jeffrey Benkoe and Bernadette Baum) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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