Icahn Asks Dell Shareholders to Get Share Appraised
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Billionaire investor Carl Icahn, in a bid to force Michael Dell to sweeten his $24.4 billion buyout offer for Dell Inc., urged shareholders to seek a higher price for their shares in court.
Icahn, who holds an 8.7 percent stake in Dell, released an open letter today saying he was preparing to exercise appraisal rights that are available to shareholders of companies incorporated in Delaware. The uncertainty caused by the appraisal process may persuade Michael Dell and buyout partner Silver Lake Management LLC to put forth a higher bid if enough shareholders follow Icahn’s lead, he said.