Icahn opposes voting rule change proposed by Dell founder

fptechno • July 30, 2013, 08:37:20 IST

Activist investor Carl Icahn urged Dell Inc’s special committee to not change voting rules, as proposed by the company’s founder Michael Dell, which would make it easier…

Icahn opposes voting rule change proposed by Dell founder

Activist investor Carl Icahn urged Dell Inc’s special committee to not change voting rules, as proposed by the company’s founder Michael Dell, which would make it easier for a CEO-led group to take the personal computer maker private.

The CEO and partner Silver Lake last week raised their $24.4 billion bid by less than 1 percent hours before it was to be put to a vote, and added on a controversial demand to change voting rules to make it easier for his group to take the company private.

Carl Icahn and affiliates provided $3.42 billion of the debt financing to back his bid for Dell (Image credit: Reuters)

Icahn opposes (Image credit: Reuters)

Icahn, who has amassed an 8.7 percent stake in Dell and is leading a charge with Southeastern Asset Management against the buyout with an offer of his own, said the shareholder protection offered by the original rules were too important to waive at virtually any price.

Reuters