Carl Icahn Buys 4 Million More Dell Shares With 8.9% Ownership
Billionaire activist investor Carl Icahn has made another major move towards his desire to keep Dell public and allow shareholders to decide whether to cash out at $15 per share or stay in the company. The opposing deal by Michael Dell is to take the company private. According to The Wall Street Journal, Icahn has bought 4 million more shares of Dell yesterday at a price of $12.94 per share, which gives him an 8.9% ownership of the company. Icahn now owns a total of about 156.5 million shares.
Before yesterday’s purchase, Icahn owned around 8.7% of the company. By having 8.9%, Icahn is now the second largest shareholder of Dell behind founder and CEO Michael Dell’s 14%.
Dell’s Special Committee of the Board of Directors entered a revised agreement with Michael Dell and Silver Lake last week. The Committee agreed to Michael Dell’s recent $13.75 per share offer.
Michael Dell also proposed a change to the company’s voting policies. The previous voting policy was that if a shareholder did not vote in the election, it would have counted as a “no” vote. Michael Dell only wants votes that are cast to be counted.
Dell’s board will not vote to determine if the company should go private until September 12th. The vote was originally scheduled to take place last Friday.