This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/business/2013/sep/09/carl-icahn-retreat-block-dell-buyout

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Carl Icahn retreats from efforts to block Dell founder's buyout Carl Icahn retreats from efforts to block Dell founder's buyout
(8 days later)
Activist investor Carl Icahn said on Monday that he was bowing out of an effort to block founder Michael Dell's proposed buyout of computer group Dell Inc, after determining that "it would be almost impossible to win".Activist investor Carl Icahn said on Monday that he was bowing out of an effort to block founder Michael Dell's proposed buyout of computer group Dell Inc, after determining that "it would be almost impossible to win".
The move is likely to mean Michael Dell and private equity firm Silver Lake Partners are able to take the computer maker private in a $25bn deal. They want to overhaul the company away from the investor spotlight. Shareholders including billionaire Icahn want a higher price for their stock.The move is likely to mean Michael Dell and private equity firm Silver Lake Partners are able to take the computer maker private in a $25bn deal. They want to overhaul the company away from the investor spotlight. Shareholders including billionaire Icahn want a higher price for their stock.
In a letter to shareholders, Icahn blamed procedural issues for his decision to abandon the attempt to block the deal, which have been upheld in court in Dell's favour.In a letter to shareholders, Icahn blamed procedural issues for his decision to abandon the attempt to block the deal, which have been upheld in court in Dell's favour.
Icahn, the second-largest shareholder in Dell with an 8.9% stake, wanted to nominate a slate of directors to replace several board members, arguing that they are not acting in shareholders' best interests in accepting the CEO's deal.Icahn, the second-largest shareholder in Dell with an 8.9% stake, wanted to nominate a slate of directors to replace several board members, arguing that they are not acting in shareholders' best interests in accepting the CEO's deal.
In his letter, Icahn wrote: "The Dell board, like so many boards in this country, reminds me of Clark Gable's last words in Gone With the Wind, they simply 'don't give a damn'."In his letter, Icahn wrote: "The Dell board, like so many boards in this country, reminds me of Clark Gable's last words in Gone With the Wind, they simply 'don't give a damn'."
With Icahn's retreat, the odds are in now favour of the CEO's deal being approved at the special meeting on Thursday. The meeting had been postponed three times as Michael Dell and Silver Lake struggled to round up the needed votes or convince "no" voters to support the deal.With Icahn's retreat, the odds are in now favour of the CEO's deal being approved at the special meeting on Thursday. The meeting had been postponed three times as Michael Dell and Silver Lake struggled to round up the needed votes or convince "no" voters to support the deal.
In the letter Icahn said: "We jokingly ask, 'What's the difference between Dell and a dictatorship?' The answer: most functioning dictatorships only need to postpone the vote once to win."In the letter Icahn said: "We jokingly ask, 'What's the difference between Dell and a dictatorship?' The answer: most functioning dictatorships only need to postpone the vote once to win."
Icahn has repeatedly argued that the buyout proposal by Michael Dell and Silver Lake to take the company private undervalues the company.Icahn has repeatedly argued that the buyout proposal by Michael Dell and Silver Lake to take the company private undervalues the company.
Michael Dell intends to buy the firm he founded and switch it from making computers to providing computing services.Michael Dell intends to buy the firm he founded and switch it from making computers to providing computing services.
Dell was not immediately available for comment.Dell was not immediately available for comment.
Our editors' picks for the day's top news and commentary delivered to your inbox each morning.