Carl Icahn, the activist investor cum billionaire, had sought to schedule a meeting with the special board committee of Dell. This comes after he had finalized about US$5.2 billion or GBP3.42 billion in loan commitments to be used for his bid for the third largest PC maker in the world.
Icahn had sent an open letter to shareholders of Dell, saying that his financing committments for his leveraged recapitalization bid includes US$1.6 billion coming from Jefferies Finance LLC. Jefferies would be filing the papers once markets close on Monday.
Icahn added in his letter said, "With thay we put an end to the unwarranted speculation by Dell that our money would not be available."
The offer was set against the bid formulated by CEO and Dell founder Michael Dell and Silver Lake Partners US$24.4 billion at US$13.65 per share price. Icahn had said that this pricing undervalues the company. The special committee though has recommended the Dell-Silver Lake bid as the best one for its shareholders.
Icahn's plans have been declined by the special board. Thus, a showdown is imminent when a meeting occurs.
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