THE WALL STREET JOURNAL.
BUSINESS | Updated June 6, 2013,
1:01 p.m. ET
Dell Shareholders Urged to
Vote No by Icahn
Carl Icahn and Southeastern Asset Management Inc. formally urged other
Dell Inc. shareholders to vote against a proposed $24.4 billion buyout
of the PC maker.
The duo for weeks have been
agitating against the offer, struck in February, for private-equity firm
Silver Lake Partners and Chief Executive
Michael Dell to buy Dell's publicly held shares for $13.65 each. Mr.
Icahn and Southeastern last month sketched out an alternative plan to leave
some shares publicly traded, and pay Dell stockholders a dividend of $12 a
In a filing Thursday with the
Securities and Exchange Commission, Mr. Icahn and Southeastern urged
shareholders to vote against the Silver Lake-Michael Dell buyout. The filing
offered no further details about their alternative offer, which a special
committee of Dell's board has said is financially unworkable as proposed.
The filing also adding more
details about talks last summer between Mr. Dell and Southeastern officials
about a potential going-private transaction. The company previously
disclosed Mr. Dell and Southeastern discussed the matter for weeks starting
last June, but the filing Thursday for the first time said Southeastern
officials sketched out a buyout transaction at $17 a share, with both Mr.
Dell and Southeastern retaining shares in the company.
Together, Mr. Icahn and
Southeastern own about 12.8% of Dell.
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