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— This is the script of CNBC's news report for China's CCTV on September 10, Tuesday.
Welcome to CNBC Business daily.
The fight for PC maker Dell could be over soon... as activist investor Carl Icahn withdraws from the battle.
Jackie Deangelis reports.
BIG DEVELOPMENT IN THE BATTLE BETWEEN MICHAEL DELL AND CARL ICHAN OVER MICHAEL DELL'S OFFER TO TAKE THE COMPANY PRIVATE...
ACTIVIST INVESTOR CARL ICHAN SAYING TODAY THAT HE WAS BACKING OFF HIS EFFORTS TO BLOCK THE DELL / SILVERLAKE L-B-O SAYING THAT "IT WOULD BE ALMOST IMPOSSIBLE TO WIN."
THIS COMING AS SHAREHOLDERS GET READY FOR A FOURTH VOTE ON THE DELL PROPOSAL -- THE FIRST THREE VOTES ADJOURNED BY THE DELL SPECIAL COMMITTEE OVERSEEING THE PROCESS.
ICHAN'S FEELING HAS BEEN THAT THE DELL SILVERLAKE PROPOSAL UNDERVALUES THE COMPANY AND THAT TAKING THE COMPANY PRIVATE WOULD UNLOCK VALUE, WITHOUT RETURNING IT TO SHAREHOLDERS. ICAHN IS THE SECOND LARGEST HAREHOLDER IN DELL, HE HAS JUST UNDER A 9% STAKE IN THE COMPANY.
ICAHN'S PROPOSAL WOULD HAVE INVOLVED NOMINATING A SLATE OF NEW DIRECTORS TO THE BOARD AND IMPLEMENTING A TURN-AROUND STRATEGY WHILE THE COMPANY REMAINED PUBLIC. HE EVEN SUED DELL AND ITS BOARD IN AN ATTEMPT TO STOP DELL FROM CHANGING THE RECORD DATE FOR THE VOTE, A MOVE WHICH HE BELIEVED GIVES DELL THE UPPERHAND IN OBTAINING SHAREHOLDER APPROVAL FOR THE BUYOUT AT THE MEETING THIS WEEK.
IN A LETTER TO SHAREHOLDERS ICHAN SAID "THE DELL BOARD, LIKE SO MANY BOARDS IN THIS COUNTRY, REMINDS ME OF CLARK GABLE'S LAST WORDS IN "GONE WITH THE WIND," THEY SIMPLY "DON'T GIVE A DAMN."
HE ALSO SPOKE TO OUR OWN SCOTT X AND HE SAID THIS:
I FIGURED THAT WE CAN'T WIN, AND IT WAS JUST TOO DIFFICULT. I'LL TELL YOU THIS, WE TRIED. AND I AT LEAST HAVE THE SOLACE TO KNOW WE GOT ALL THE SHAREHOLDERS ANOTHER 600, 700 BILLION IN MY CALCULATIONS WITH THE DIVIDEND. WE WERE DOING THE WORK THE BOARD SHOULD HAVE BEEN DOING.
THAT ABOUT SUMS IT UP. DELL THE COMPANY DIDN'T COMMENT ON THIS LATEST NEWS. BACK TO YOU.