Billionaire investor Carl Icahn is refusing to drop the option of a proxy fight to force Dell Inc to pay a big dividend, in spite of the board committee's request that he drop his threats and launch a formal bid for the company, the Wall Street Journal reported. Icahn had asked the board's special committee to be reimbursed for the cost of his due diligence on Dell, a benefit the committee has already granted to rival bidders Silver Lake Partners and Blackstone Group LP.In its response to Icahn on Friday, the committee said it would consider Icahn's request to cover the cost of his expenses for discovery, but only if he would drop his rights to a proxy fight and threats of "years of litigation."In an interview with the Wall Street Journal, Icahn said he is considering a range of options, including his earlier proposal for a dividend, which would necessitate a proxy fight, as well as his preliminary bid to purchase up to 58 percent of the company. Icahn holds a $1 billion stake in Dell, the No. 3 maker of personal computers."No matter how much they are willing to pay to reimburse me I'm not going to give up the right to put in a bid that I think will be compelling to shareholders, even if the board doesn't like it," Icahn told the paper.
The Blackstone Group L.P. (Blackstone) is a United States-based company that is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.41% or $0.08/share to $19.50. In the past year, the shares have traded as low as $11.13 and as high as $21.09. On average, 5324910 shares of BX exchange hands on a given day and today's volume is recorded at 4338073.
Dell, Inc. (Dell) is a global information technology company that offers its customers a range of solutions and services delivered directly by Dell and through other distribution channels. Shares of DELL fell by 0.28% or $-0.04/share to $14.22. In the past year, the shares have traded as low as $8.69 and as high as $16.70. On average, 37515500 shares of DELL exchange hands on a given day and today's volume is recorded at 18444596.
Source
