Icahn Finally, Officially Calls It Quits With Dell6:13 PM EST Fri. Oct. 04, 2013
Carl Icahn ended his reign of barbs, tweets and legal action directed at Michael Dell over his planned buyout of Dell.
On Friday, Icahn tweeted: "I withdrew my demand for appraisal of my Dell shares. Based on our returns on capital, we believe we have better uses for $2 billion."
Icahn had sought "appraisal rights" for Dell shares, which would have required a Delaware court to determine the fair value of his stock.
According to a Securities and Exchange filings, Carl Icahn on Oct. 2 notified Dell that he had withdrawn a written demand for appraisal for all 156,478,650 shares of Dell common stock.
The company's stockholders on Sept. 12 approved Dell's $25 billion going-private merger transaction. The move follows Icahn's Sept. 9 statement that said he wouldn't pursue his fight to derail the management-led buyout of Dell.
Icahn had tried to scuttle the buyout, asking a Delaware judge to force Dell to hold its annual shareholder meeting before the takeover vote. He had hoped to convince investors to oust Michael Dell and other Dell board member and elect a board aligned with his views. The judge said the court wouldn't hear the case.
On Tuesday Dell said it had received all necessary pre-merger regulatory clearances needed for its $25 billion merger transaction with Michael Dell and investment partner Silver Lake Partners.
PUBLISHED Oct. 4, 2013