Icahn Renews Call To Defeat Dell Buyout Offer As Vote Looms

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Billionaire activist Carl Icahn renewed his call for Dell Inc stockholders to vote against a buyout offer from Michael Dell, amid reports that the company founder might not win enough support for his bid.

DELL

Billionaire activist Carl Icahn renewed his call for Dell Inc stockholders to vote against a buyout offer from Michael Dell, amid reports that the company founder might not win enough support for his bid.

Dell shareholders are scheduled to vote Thursday on a plan laid out by Michael Dell and private equity firm Silver Lake to take the No. 3 PC maker private in a $24.4 billion deal.

However, Dell may decide to delay the vote to gain time to win support for the deal, a person familiar with the matter said on Tuesday.

In an open letter to shareholders on Wednesday, Icahn said Dell's special committee must allow a final vote to be completed on July 18, and not try to postpone the vote to a later date.

Icahn and Southeastern Asset Management oppose the offer, arguing that a $13.65 share offer "substantially" undervalues the company.

Michael Dell and Silver Lake would not raise their offer even if a vote on their offer were delayed, two people familiar with the matter said on Tuesday.

Dell shares were down 1.4 percent at $12.83.

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