Carl Icahn and Southeastern Propose Alternative Offer To Michael Dell’s Buyout

10 May



Dell shareholders Carl Icahn and Southeastern Asset Management have teamed up to propose an alternative offer to founder Michael Dell’s $24.4 billion leveraged buyout deal.

According to correspondence obtained by the Wall Street Journal, Icahn and Southeastern say they would give Dell shareholders the option to continue holding stock in the company and take an additional $12 a share in cash or stock.

Southeastern is Dell’s largest shareholder with a 8.5 percent stake. Icahn and Southeastern currently hold a combined 13 percent of Dell’s stock, while Michael Dell and his partners hold about 16 percent.

Carl Icahn has sought to overturn Michael Dell’s bid to take the company private since March. The activist investor, who owns a $1 billion stake in Dell, originally said he was open to a partnership with Blackstone Group after the private equity firm made its own separate bid for the PC maker. Blackstone…

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