Icahn urges Dell shareholders to go to court to secure higher bid

City A.M. Reporter
BILLIONAIRE investor Carl Icahn yesterday said he would go to court to seek a higher price for his Dell shares and urged other investors to do the same, in an effort to block founder Michael Dell’s $24.4bn (£16.2bn) buyout offer.

Icahn opposes the proposal from Michael Dell and private equity firm Silver Lake, arguing it undervalues the PC maker, and has put forth a number of alternative options in concert with fellow Dell shareholder Southeastern Asset Management.

Earlier this week, however, shareholder advisory firms Institutional Shareholder Services, Glass Lewis and Egan Jones threw their support behind Michael Dell’s offer. In his latest effort to derail Michael Dell’s plans, Icahn wants shareholders to vote against the buyout and then ask a court in Delaware, where Dell is incorporated, to appraise the fair value of the shares. “We believe if you seek appraisal, you will receive more,” Icahn wrote in a letter to Dell shareholders.