Quotes: 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.


 


AFP




  MENA News Headlines
 Feb 5 2016 - Jordan's Joramco to spend USD10m on expansionMENAFN
(MENAFN) In response to expanding demand and an arising Iranian aviation market, Joramco, a Jordan-based aircraft heavy maintenance company, is planning to invest nearly USD10 million to expand its ...

 Feb 5 2016 - UAE's Career Fair 2016 kick-start with huge potentialMENAFN
(MENAFN) The Abu Dhabi City Municipality is participating in the Career Fair 2016, under the umbrella of the Department of Municipal Affairs, which launched in in Abu Dhabi National Exhibition ...

 Feb 5 2016 - Industries Qatar register USD1b gross profit over 2015MENAFN
(MENAFN) Industries Qatar, one of the region's industrial behemoths which specializes in the production of a wide range of petrochemical products, reported financial results for the period ended Dec, ...

 Feb 5 2016 - At least 2297 journalists killed since 1990: IFJThe Peninsula
(MENAFN - The Peninsula) Brussels: At least 2297 journalists and media workers have been killed in the last 25 years with Iraq ranking as the most deadly country the International Federation ...

 Feb 5 2016 - US accuses Damascus Moscow of seeking military solution in SyriaThe Peninsula
(MENAFN - The Peninsula) Washington:US Secretary of State John Kerry accused Moscow and Damascus of seeking a military solution to the war in Syria rather than a political one Wednesday after ...

 Feb 5 2016 - Greek bus drivers migrants block highway over border impasseThe Peninsula
(MENAFN - The Peninsula) Migrants walk to buses that will transport them to the Greek-Macedonian border following their arrival aboard the passenger ferry Eleftherios Venizelos at the port of Piraeus ...

 Feb 5 2016 - Passengers crew evacuated from Madrid Riyadh after bomb threatThe Peninsula
(MENAFN - The Peninsula) MADRID: Spanish authorities evacuated allpassengers and crew from a flight bound for Riyadh SaudiArabia at Madrid's Barajas international airport after a bombthreat ...

 Feb 5 2016 - US demands end to Russia strikes after Syria talks collapseThe Peninsula
(MENAFN - The Peninsula) U.S. Secretary of State JohnKerryspeaks at the donors Conference for Syria in London Britain February 4 2016. REUTERS London:The United States demanded Thursday that ...

 Feb 5 2016 - Five Czechs found in Lebanon on way home: ministerThe Peninsula
(MENAFN - The Peninsula) Foreign Minister Lubomir Zaoralek said on Thursday Five Czechs found in Lebanon following their suspected kidnapping last July are in a Czech government plane on their way to ...

 Feb 4 2016 - Pakistan to receive 497mn tranche of IMF loan: officialsThe Peninsula
(MENAFN - The Peninsula) Islamabad: The International Monetary Fund announced Thursday it would release the latest instalment worth $497 million of a three-year economic bailout package to ...

more...


 






Google

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help