Icahn opposes voting rule change proposed by Dell founder

Mon Jul 29, 2013 7:54am EDT

Michael Dell Chairman and CEO of Dell Inc. arrives at the launch event of Windows 8 operating system in New York, October 25, 2012. REUTERS/Lucas Jackson

Michael Dell Chairman and CEO of Dell Inc. arrives at the launch event of Windows 8 operating system in New York, October 25, 2012.

Credit: Reuters/Lucas Jackson

Related Topics

(Reuters) - Activist investor Carl Icahn urged Dell Inc's special committee to not change voting rules, as proposed by the company's founder Michael Dell, which would make it easier for a CEO-led group to take the personal computer maker private.

The CEO and partner Silver Lake last week raised their $24.4 billion bid by less than 1 percent hours before it was to be put to a vote, and added on a controversial demand to change voting rules to make it easier for his group to take the company private.

Icahn, who has amassed an 8.7 percent stake in Dell and is leading a charge with Southeastern Asset Management against the buyout with an offer of his own, said the shareholder protection offered by the original rules were too important to waive at virtually any price.

(Reporting by Siddharth Cavale in Bangalore; Editing by Sriraj Kalluvila)

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (2)
SanPa wrote:
The first to propose firing the head of marketing and sales wins my shares.

Jul 29, 2013 1:51pm EDT  --  Report as abuse
JM-J wrote:
I hope the creator and builder prevails against the legerdemain of the admittedly financially successful three-card-monte pillager. America needs more engineers, code writers, designers, craftswo/men in the boardroom and fewer accountants, attorneys and investors.

Jul 29, 2013 5:09pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.