On Monday, billionaire investor Carl Icahn and Southeastern Asset Management, an investment firm, stated that Michael Dell wanted to avoid the voting process behind the deal. Icahn added that Michael Dell wanted to prevent the shareholders from rejecting his offer for the PC maker.
Ichan expressed his thoughts through a letter for Dell Inc. board members' special committee. Icahn and Southeastern were both major stockholders in Dell. They were vying against Michael Dell's takeover plan and they also wanted Dell to be ousted as the company's leader.
"If Dell can replace Michael Dell, I think that the company would be worth far, far more," Icahn wrote. "I believe you will be happier and richer if you join me in voting against the Michael Dell/Silver Lake deal."
Last week, Michael Dell and Silver Lake Partner, an investment firm, increased their buyout offer to the Round Rock, Texas-based company to US$13.75 each share, up a dime from their last US$13.65 offer. Dell's group proposed a change in the voting policy. They said that the bid's fate should be decided by the stockholders who would choose to vote in favour or against the plan. Under the current rules, shareholders who would not vote would be counted as opponents of the proposal.
Dell's stock declined by 8 cents at US$12.86 by the end of Monday trading's session. The stock was up 27% since 2013's start.
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