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First Posted: 7/10/2013
(AP) Billionaire investor Carl Icahn says he will ask a Delaware judge to assess whether a proposed $24.4 billion acquisition of Dell represents a fair price for the struggling personal computer. It is Icahn’s latest attempt to wrangle a higher offer from buyout group that includes company CEO Michael Dell.
Icahn, Dell Inc.’s second largest shareholder, outlined the rationale for his legal maneuver Wednesday in an open letter. The missive urged the rest of Dell’s shareholders to exercise their right for a court appraisal to determine whether the Round Rock, Texas, company is worth more than the $13.65 per share that Michael Dell’s group has agreed to pay.
The push for an appraisal comes just two days after Icahn suffered a setback when three shareholder advisory firms recommended accepting the current offer.
Associated Press