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Dell signs agreement to cap Icahn's share ownership |
April 16, 2013
As part of the review process of potential offers to take Dell private, the company announced that its board of directors approved an agreement with Carl Icahn that would cap the amount of shares owned by the activist investor.CEO Michael Dell and equity firm Silver Lake Partners on Feb. 5 offered to take Dell private for $24.4 billion, or $13.65 per share.However, counter-offers were made by groups of investors in the 45-day go-shop period during which Dell invited competitive buy-out offers from third parties. A group led by Blackstone offered in excess of $14.25 per share, while Carl Icahn and affiliates offered $15 per share.Under the agreement, Icahn and affiliated entities "have agreed not to make purchases that would cause them to own more than 10 percent of Dell's shares," Dell said in a statement.To read this article in full or to leave a comment, please click here
Link: http://www.pcworld.com/article/2034743/dell-signs-agreement-to-cap-icahns-share-ownership.html#tk.rss_all
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