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Reuters: Icahn Renews Call to Defeat Dell Buyout Offer as Vote Looms

Billionaire activist Carl Icahn renewed his call for Dell Inc stockholders to vote against a buyout offer from Michael Dell, amid reports that the company founder might not win enough support for his bid.

(Reuters) – Billionaire activist Carl Icahn renewed his call for Dell Inc stockholders to vote against a buyout offer from Michael Dell, amid reports that the company founder might not win enough support for his bid.

Dell shareholders are scheduled to vote Thursday on a plan laid out by Michael Dell and private equity firm Silver Lake to take the No. 3 PC maker private in a $24.4 billion deal.

However, Dell may decide to delay the vote to gain time to win support for the deal, a person familiar with the matter said on Tuesday.

In an open letter to shareholders on Wednesday, Icahn said Dell’s special committee must allow a final vote to be completed on July 18, and not try to postpone the vote to a later date.

Icahn and Southeastern Asset Management oppose the offer, arguing that a $13.65 share offer “substantially” undervalues the company.

Michael Dell and Silver Lake would not raise their offer even if a vote on their offer were delayed, two people familiar with the matter said on Tuesday.
Dell shares were down 1.4 percent at $12.83.