Investor activist Carl Icahn has issued a scathing response to Dell's latest bid to buy out shares from stakeholders.
In an open letter Icahn and Southeastern Asset Management urged investors to consider voting down the latest plan from Michael Dell and Silver Lake, which would have the company purchase shares and go private.
Last week, Dell issued a final offer to stakeholders of $13.75 per share. The group said that the offer would be final and that no further changes or increases would be considered.
Icahn said that the offer posed a danger to shareholders by not increasing key protections of shareholders in order to push their proposed offer through.
The letter said: “As we understand it, Michael Dell and Silver Lake would have you believe that it is somehow unfair to require an affirmative vote on their self-interested transaction by owners of a majority of the unaffiliated shares.
“However, based on the votes cast to date, this appears to be a transaction where the protection afforded by this provision is most needed.”
Icahn has long stood opposed to the offer from Dell, claiming that the company is not looking to give investors a fair share in the buyout. He has put together a counter proposal, but the offer was widely panned by Dell's board and outside analysts.
The activist remains optimistic, however, that he can succeed once all shareholder votes are tallied and the process is complete.
“If Dell wants to continue to delay the vote on the Michael Dell and Silver Lake freeze-out merger, then Dell should hold the Annual Meeting of stockholders at the same time as the vote on the merger,” Icahn said.
“In that way, Dell stockholders would be given the choice to support the Michael Dell and Silver Lake transaction, or to instead vote for our slate of directors who support our previously announced Dell $14 (plus warrants) self-tender offer.”
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