logo
Share SHARE
FONT-SIZE Plus   Neg

Icahn Buys 4 Mln Shares In Dell

Activist investor Carl Icahn bought 4 million more shares of Dell, Inc. (DELL: Quote), thus strengthening his position in the personal computer maker, a regulatory filing showed.

Icahn made the purchase on August 1 at a price of $12.94 per share. He now holds 156.48 million shares of Dell or an 8.9 percent stake in the company.

Icahn, who had an 8.7 percent stake in Dell prior to the latest transaction, is the second largest shareholder of Dell. Dell founder and chief executive Michael Dell is the company's largest shareholder.

Round Rock, Texas-based Dell had initially agreed in early February to be taken private for $13.65 per share by Michael Dell in partnership with private equity firm Silver Lake Partners in a $24.4 billion deal.

Icahn has been seeking to scuttle the buyout and has proposed his own plan. Last week, Dell's special committee agreed to a revised deal for the company to be taken private by Dell and Silver Lake.

The revised agreement will increase the aggregate value to unaffiliated shareholders by about $470 million, including a third-quarter dividend, and now take the total deal value to about $24.9 billion.

DELL closed at $13.68 on Monday.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Firearms maker Smith & Wesson Holding Corp. (SWHC), Tuesday reported a drop in profit for the third quarter, as revenues and margins declined reflecting lower sales of long guns. However, earnings for the quarter came in ahead of Wall Street estimates as did revenues. Moving ahead, the company boosted... Target Corp (TGT) on Tuesday said it plans $2 billion of cost savings over the next two years, mainly at its corporate headquarters, as the discount retailer strives to boost profit and become a leaner outfit. Reports said that about $500 million of the savings would occur in the current year, and... Bob Evans Farms Inc. (BOBE) on Tuesday reported a drop in a profit for the third quarter, despite growth in revenues, with both earnings and revenues falling short of expectations. Moving head, the restaurant chain lowered its fiscal year 2015 outlook. Shares of Bob Evans Farms plunged over 18 percent...
comments powered by Disqus
Follow RTT