Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Icahn admits defeat in battle for Dell  Join our daily free Newsletter

MENAFN - AFP - 09/09/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) Corporate raider Carl Icahn acknowledged defeat Monday in his effort to block a private equity buyout of US computer giant Dell, but still argued the plan "greatly undervalues" the company.

In a letter to Dell shareholders, Icahn said a change in the voting procedure made it "almost impossible to win the battle" at Thursday's shareholder meeting on the plan led by company founder Michael Dell.

He was referring to a change which meant that only votes cast would be tallied, making the approval process easier. Shareholders not voting will no longer be counted as "no" votes.

The vote was delayed three times on concerns that shareholders might reject the plan, and the offer was increased by some 350 million to nearly 25 billion.

Icahn said in his letter that in view of the changes, "We have therefore come to the conclusion that we will not pursue additional efforts to defeat the Michael Dell/Silver Lake proposal, although we still oppose it and will move to seek appraisal rights" in court.

The 77-year-old Icahn has fought some of the roughest proxy battles in modern corporate history, ranging from the airline TWA to RJR Nabisco and Blockbuster Video. He also headed a shareholder revolt at Yahoo after the Internet giant rejected a takeover from Microsoft.

On Dell, Icahn said, "I realize that some stockholders will be disappointed that we do not fight on. However, over the last decade, mainly through 'activism' we have enhanced stockholder value in many companies by billions of dollars."

Dell led shareholder opposition to the deal, and was joined by some major institutional investors who agreed the offer was too low.

Michael Dell and his backers have claimed the struggling former number one computer maker needs to make major changes to keep up with the shifting tech landscape, and that this would best be done as a privately owned firm that is not subject to shareholder pressures.


 






  MENA News Headlines
 Jul 29 2014 - New additions to Local Harvest brand of datesKhaleej Times
(MENAFN - Khaleej Times) E dates come from farmers who have contracts with ADFSC and therefore practise date palm farming according to the centres standards.For the next three weeks the Abu Dhabi ...

 Jul 29 2014 - PayTabs to launch online solutions in Bahrain, SaudiMENAFN
(MENAFN) PayTabs, a payment processing solution company co-owned by Saudi Aramco, is set to launch its online payment processing solutions in Bahrain and Saudi Arabia, Gulf Daily News reported.The ...

 Jul 29 2014 - Mobily signs LTE-4G roaming deal with BatelcoMENAFN
(MENAFN) Mobily telecom has signed an LTE-4G roaming deal with Bahrini Batelco to provide customers with advanced Internet services, Arab News reported.This agreement coincides with Eid Al-Fitr ...

 Jul 29 2014 - Pakistan's film industry becomes alive againArab News
(MENAFN - Arab News) HORE: A breed of brand new independent filmmakers is successfully filling the void left by an obsolete industry known as Lollywood.In many ways 2013 was an era-defining year for ...

 Jul 29 2014 - Pak-British singer faces death threats over Gaza supportArab News
(MENAFN - Arab News) NDON: Zayn Malik probably wasn't expecting the barrage of abuse he received from followers after he pledged his support for the #FreePalestine social media campaign The ...

 Jul 29 2014 - Working in India was 'a good experience'Arab News
(MENAFN - Arab News) MBAI: Pakistani actor Fawad Khan's experience of working in India was very good and he credits his Indian co-star Sonam Kapoor for it reported Oneindia Entertainment.'She is a ...

 Jul 29 2014 - 'Lucy' tops 'Hercules' with 44m at box officeArab News
(MENAFN - Arab News) S ANGELES: Luc Besson's 'Lucy" proved mind can overpower muscle topping a remake of 'Hercules" by director Brett Ratner at the box office on the weekend.The Universal ...

 Jul 29 2014 - Lakers insist no deal reached yet with ScottArab News
(MENAFN - Arab News) S ANGELES: Byron Scott said in a television interview that he is the new coach of the Los Angeles Lakers but the team insisted that an agreement has not yet been reached.ESPN ...

 Jul 29 2014 - It's 'Jeff Gordon Day' at Indy for record 5th timeArab News
(MENAFN - Arab News) DIANAPOLIS: With a fifth Brickyard 400 victory on the line Sunday Jeff Gordon looked like the driver he was 20 years ago.Gordon nailed the final restart of the race no given ...

 Jul 29 2014 - Ali's risks disciplinary action for Gaza wristbandsArab News
(MENAFN - Arab News) UTHAMPTON: England cricketer Moeen Ali risked disciplinary action after the International Cricket Council (ICC) said Monday they were 'investigating" his decision to wear ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help