Dell Strikes Deal With Icahn to Avoid Stock Build-Up
Dell said Tuesday it had entered into an agreement with billionaire Carl Icahn, in which the activist investor would refrain from amassing any more than 10 percent of the company's stock.
According to a statement by the company, Dell and Icahn—as well as any companies affiliated with the billionaire— "have agreed not to make purchases that would cause them to own more than 10 percent of Dell's shares, or enter into agreements with other shareholders who, together with the Icahn entities, would collectively own in excess of 15 percent of Dell's shares."
Icahn has been engaged in a public battle to take the beleaguered computer maker maker private. In recent weeks, the billionaire has reportedly opposed Dell's moves for a leveraged buyout, while snapping up a six-percent stake in the company, sources have told CNBC.