Icahn to Team With Southeastern Asset Management in Proxy Battle Over Dell
Billionaire investor Carl Icahn is teaming up with Southeastern Asset Management to bid for Dell, proposing an alternative to the $24.4 billion buyout proposed by founder Michael Dell and private equity firm Silver Lake partners.
CNBC has learned the activist investor and Southeastern Asset Management will launch a proxy fight and are offering $12 per share in cash and $5.2 billion in new debt, which would be guaranteed.
In a bid in February, Michael Dell and Silver Lake offered $13.65 per share.
Southeastern Asset Management owns 6.95 percent of Dell's shares, making it the second-largest shareholder after Michael Dell, according to Reuters data.
The Wall Street Journal reported separately that Icahn and Southeastern had written a letter to Dell's board giving shareholders the option to keep stock in the company and offering an additional $12 in cash or stock.