In a letter to shareholders on Monday, septuagenarian billionaire Carl Icahn said he would be giving up the fight against Michael Dell and Silver Lake Partners's buyout of Dell Inc.
Dell Inc
According to Michael Dell, three proxy firms had recommended shareholders to vote for the founder's offer to take the computer maker private.
Dell's net income plunged by 72% to USD204 million or 12 US cents per share as the sales of personal computer extended their downward coil.
A source told Reuters that Dell's special committee and CEO Michael Dell's buyout consortium might finally be getting close to a deal.
Carl Icahn sued Dell Inc. last Thursday as he tried to disrupt a USD24.4 million takeover bid from founder, Michael Dell and Silver Lake.
A few of Dell shareholders are refraining from voting on the bid presented by founder Michael Dell and private equity partner Silver Lake.
Michael Dell and Silver Lake's request to alter voting rules for their USD24.4 billion takeover deal was rejected by the company's special committee.
A source said that unless Dell's special committee revises the voting standard, talks of Dell's buyout by CEO Michael Dell and private equity firm Silver Lake will collapse.
Carl Icahn contested the conditions in Michael Dell's latest offer to the PC maker Dell Inc.
Private equity firm Silver Lake Management is maintaining its offer of US $13.75 per share for Dell Inc.'s buyout.
A source familiar about the deal but requested anonymity claimed that Dell Inc. will not be selling its shares for a bid below US $14.
Michael Dell together with Silver Lake Management LLC considered US$24.4 billion buyout offer for Dell Inc to be their utmost and final bid.
Billionaire investor Carl Icahn said in an interview with Bloomberg TV his planned sweetening of his takeover bid for Dell Inc with an additional warrant offer.
Icahn offered Dell Inc. shareholder improved deal and a warrant.
Three shareholders at Dell Inc said that they would vote against Michael Dell and Silver Lake’s proposed buyout offer valued at US$24.4 billion.
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