(Reuters) - Dell Technologies Inc said on Tuesday it was sticking to its plans to go public by buying back its tracking stock (DVMT.N), a day after activist investor Carl Icahn opposed the move.
Icahn reported an increased 8.3 percent stake in Dell tracking stock on Monday, saying he intends to do everything in his power to thwart the computer manufacturer’s plans.
Dell in July announced a $21.7 billion cash-and-stock deal to buy back shares tied to its interest in software provider VMware (VMW.N).
“Dell Technologies continues to believe that the proposed offer for DVMT shares ... is fair and in the best interests of DVMT shareholders,” a Dell spokesman said in an email.
Reporting by Vibhuti Sharma in Bengaluru; Editing by Sai Sachin Ravikumar