Icahn withdraws demand for Dell share appraisal

Oct. 5, 2013 at 3:39 PM

ROUND ROCK, Texas, Oct. 5 (UPI) -- Activist investor Carl Icahn said he has withdrawn a demand for a share value appraisal that could have stalled the sale of U.S. computer giant Dell.

"I withdrew my demand for appraisal of my Dell shares. Based on our returns on capital, we believe we have better uses for $2 billion," Icahn wrote in a message posted online, The New York Times reported Saturday.

Icahn had taken a number of steps to derail the sale of Dell for $24.9 billion to its founder Michael Dell and an investment firm, Silver Lake. Prior to shareholders approving the sale, Icahn had considered assembling his own bid for the company, which he said was undervalued in the offer shareholders approved.

A share appraisal is within the rights of shareholders of firms incorporated in Delaware, the Times said.

The problem for the company is that it could take months to complete. Testimony is heard from both sides before shares are assessed a value.

There is also a risk to shareholders that the value could be assessed at a price below the sale price, the Times said.

The company confirmed Icahn had withdrawn his demand, the newspaper said.

Related UPI Stories
Latest Headlines
Trending Stories
TSU shooting: 1 dead, 1 wounded in third shooting this week at Houston campus
Listeria threat prompts Whole Foods cheese recall
Russia says missiles aimed at Syria did not land in Iran
Captive orca breeding banned at California's SeaWorld
Wrong drug used in Oklahoma execution