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Icahn and Southeastern make alternative offer to $24.4bn Dell take-private

10 May 2013

delllBillionaire investor Carl Icahn and Southeastern Asset Management have reportedly made a counter offer to the $24.4bn take-private bid for Dell made by founder Michael Dell and private equity firm Silver Lake.

Icahn and Southeastern, which hold a combined 13 per cent stake in the company, have offered fellow shareholders $12 per share in cash or newly issued stock in a letter to Dell’s board, said the FT.

Both Icahn and Southeastern have previously attacked the deal with Icahn saying that it undervalued the business.

Back in March Icahn offered $15 per share for 58 per cent of the company.

Private equity major Blackstone also strongly considered making an offer from Dell, but pulled out of the race last month.

The decision was reported to be due to a lower earnings forecast from Dell’s management, which expects operating income to fall to $3bn from $3.7bn.

Earlier reports suggested that Icahn and Blackstone could team up and make a joint bid for the company.

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