Activist investor Carl Icahn has secured $5.2bn (£3.4bn) in financing from banks and institutional investors for an offer to technology giant Dell, according to Reuters. Icahn hopes to rival Michael Dell's $24.4bn (£15.8bn) bid.
Our technology reporter James Titcomb:
The 77-year-old activist investor, whose rival offer was rebuffed by Dell’s board earlier this month, will try to push through his deal if shareholders reject Michael Dell’s offer in a vote on 18 July.
Icahn proposes to match Michael Dell’s bid but to allow shareholders who want to retain equity to do so. However, a committee set up to oversee the bidding process raised concerns about how the deal would be funded, saying shareholders could lose out.