Icahn bows out of battle for control of Dell
NEW YORK, Sept 9
NEW YORK, Sept 9 (Reuters) - Activist investor Carl Icahn said on Monday he was bowing out of efforts to block founder Michael Dell's proposed buyout of Dell Inc, determining "it would be almost impossible to win."
In a letter to shareholders, Icahn cited a change in the record date for stockholders allowed to vote on the proposed takeover by Dell and private equity firm Silver Lake as well as a ruling that the gap period between the Sept. 12th meeting and the annual meeting was legal.
While he will not pursue additional efforts to block the deal, Icahn said he still opposed it and will move to seek appraisal rights, according to the letter that he filed with regulators.