Investor Carl C. Icahn can be reimbursed of up to $25 million worth of expenses related to his deal work on certain conditions.
This was the offer of a special committee of Dell's board to Mr. Icahn who had previously hinted he will have his own nominees elected if Dell proceeded with the $24.4 billion proposed sale to Silver Lake and Michael Dell.
In a letter sent to Mr. Icahn, the Dell committee said Mr. Icahn must agree not to run a proxy fight against Dell's board or file a lawsuit against the company if he wants to be reimbursed.
Along with Blackstone, Mr. Icahn had offered to make a bid for control of Dell to sway the company from the Silver Lake proposal.
The two groups are presently conducting due diligence on the company to check on Dell's finances and operations before firming up their final offers.
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