Carl Icahn walked away from his effort to win a higher price for an 8.9 percent stake in Dell Inc. less than a month after stating that the $24.9 billion buyout “greatly undervalues” the computer maker.
Dell Inc., the computer maker that founder Michael Dell and Silver Lake Management LLC are taking private for $24.9 billion, is working with AlixPartners LLP on its turnaround, according to people with knowledge of the matter.
Dell Inc. directors’ move to change shareholder voting rules for founder Michael Dell’s buyout bid worth as much as $24.9 billion has tainted the deal, investors challenging the offer said in court filings.
When Michael Dell announced a plan in February to take Dell Inc. private, today was supposed to be anticlimactic -- the day when shareholders would easily bless the buyout of the computer maker he founded 29 years ago.
Michael Dell, in comments that were by turns unbowed and resigned, said he won’t raise his buyout offer for Dell Inc. and conceded that he had agreed to a method of counting shareholder votes that “does not make sense.”