Investor-activist Carl Icahn has fired yet another volley at Dell over the company's plan to take itself private with an investor shares buyout.
Icahn on Friday issued an open letter to Dell and its shareholders accusing the company of “attacking” its own business and shareholders with what he calls “scare tactics”.
Specifically, the investor suggested that the company could be withholding information from investors in its decision to favour a buyout plan backed by founder Michael Dell and Silver Lake over a proposal put forth by Icahn, which would see the investor take on around 72 million Dell shares at $14 per share.
“The Special Committee keeps telling us how bad Dell is, and despite our $14 proposal for a Dell self tender offer, the Special Committee keeps recommending the $13.65 Michael Dell/Silver Lake transaction, and in our opinion, keeps using scare tactics about what will happen if the Michael Dell/Silver Lake transaction does not close,” Icahn said in his letter.
“The entire situation reminds me of the story of the visitor who overstays their welcome at your house. They keep threatening to leave, but when you say goodbye...they just don't go.”
The remarks come ahead of a planned special meeting by Dell to decide on a buyout plan. Michael Dell has long advocated a plan that would see the company purchase back shares and go private while realigning its business plan. Icahn, meanwhile, has accused the company of trying to lowball investors by paying out a substantially lower per-share price than the company is actually worth.
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