Icahn Ends Takeover Battle For PC Maker Dell
Billionaire investor Carl Icahn is ending his bitter takeover fight for struggling computer maker Dell a few days before shareholders are scheduled to consider the latest buyout offer from company founder Michael Dell.
Icahn says he still opposes Michael Dell's bid but has determined it would be almost impossible to defeat it in a vote scheduled for Thursday. Icahn says he won't pursue additional efforts to defeat it.
Michael Dell's $24.8 billion bid to take his company private includes an offer of $13.75 per share plus a 13-cent dividend. Dell raised that bid last month after previous offers drew strong criticism from Icahn and other major Dell Inc. investors.
Icahn wanted Michael Dell ousted as CEO and had pitched an alternative offer that would keep the company publicly traded.