![]() To be sure, a judge could still value Dell at less than the proposed offer - a risk for shareholders and Icahn. Lutin runs a group hired by some shareholders to establish a trust for shareholders planning on pressing the case for a higher price.įor an appraisal to happen under Delaware law, a majority of shareholders must first approve a Dell offer, while the holdouts elect to exercise their appraisal rights in court. “Appraisal rights only become relevant if the wins,” said Gary Lutin, a former banker and consultant at Shareholder Forum. Now it appears Icahn may be bracing for a loss in the upcoming July 18 shareholder vote while pursuing a fresh angle to squeeze more dough from the Dell-Silver Lake duo. Icahn’s effort signals a stark shift in strategy for the activist investor, who just days prior, along with Southeastern Asset Management, has been scrambling to gain support for a $14-a-share tender offer. Icahn’s new pitch to shareholders comes a day after influential advisory firms Glass Lewis and Institutional Shareholder Services came out in support of Dell’s proposal. The move is surprising because in order to exercise their appraisal rights, shareholders would have to approve Dell’s proposed $24.4 billion buyout - a deal Icahn opposes. ![]() Yesterday, Icahn urged fellow Dell shareholders to seek an appraisal of their shares in his latest efforts to get Michael Dell and private-equity firm Silver Lake to pay more than $13.65-a-share to take the PC maker private. ![]() Carl Icahn’s latest Dell gambit has aligned his interests with those of his archrival - tech titan Michael Dell.
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