Activist Icahn tries to derail $24bn Dell deal
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Friday 08 March 2013
It took months for Michael Dell to put together the $24bn (£16bn) deal to take Dell, the computer manufacturer he founded, private with support from the private equity firm Silver Lake Partners and Microsoft. But now the buyout is mired in uncertainty after Carl Icahn, the activist investor, joined a number of large shareholders in opposing the deal.
Mr Icahn, pictured, is reported to have bought 6 per cent of the company's shares, and has warned the Dell board of "years of litigation" unless it abandons the proposed buyout offer of $13.65 per Dell share. Instead, he is calling on the company to pay out a special dividend of $9 per share by drawing on its $7.4bn of cash reserves.
Mr Icahn, who in the past has taken aim at Yahoo and its co-founder Jerry Yang for turning down a chance to sell out to Microsoft, made his demand yesterday in a letter to the special independent committee of the Dell board that negotiated the buyout deal.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
musicPolice chief rejects rappers' claims that his work is as dangerous as law enforcement or military service
comedy'Fresh Meat' star sees off stiff competition from Alan Carr, David Mitchell, Graham Norton, Lee Mack and Sarah Millican to win top prize
French café starts charging extra to rude customers
Mystery of Epping Forest 'big cat' is solved
North Korea executes Kim Jong Un's powerful uncle Jang Song Thaek for 'attempting to overthrow the state'
Australia incest case: Deformed children found in remote farming community after generations of inbreeding
Fox News presenter tells viewers it is a 'fact' that both Jesus and Santa Claus are white
- 1 French café starts charging extra to rude customers
- 2 Italian court annuls prison sentence for elderly paedophile after 11-year-old victim tells investigators in Catanzaro that she loves him
- 3 Australia incest case: Deformed children found in remote farming community after generations of inbreeding
- 4 Physicists discover 'clearest evidence yet' that the Universe is a hologram
- 5 Fox News presenter tells viewers it is a 'fact' that both Jesus and Santa Claus are white
- < Previous
- Next >
iJobs Money & Business
attractive: Citifocus: Leading Asset Management house, wish to identify a temp...
£200 - £240 per day: Harrington Starr: Client Data Management - City - Brokera...
£44999 - £60001 per annum + Benefits: Pro-Recruitment Group: A Top Tier firm i...
£30000 - £45000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...