updated 12:56 pm EDT, Fri October 4, 2013
Move signals final end to dispute
Carl Icahn has backed down once again from his ongoing dispute with Dell over the company's move to go private. In a Twitter post, the activist investor noted that he would no longer seek "appraisal rights" for his stake in the company, which would have taken the disagreement over share value to a Delaware court.
"I withdrew my demand for appraisal of my Dell shares," the tweet read, as quoted by Reuters. "Based on our returns on capital, we believe we have better uses for $2 billion."
Icahn initially attempted to block the privatization effort spearheaded by Michael Dell, arguing that the $25 billion proposal undervalued the company at $13.75 per share. The investor suggested he was willing to pay up to $18 per share, fire the board and oust Michael Dell, however he later backed out of the potential deal.
The privatization process is expected to be finalized by the third quarter, following regulatory approval earlier this month.