Sunday, August 18, 2013

Judge Refuses to Fast-Track Icahn's Claim Against Dell

WILMINGTON, Del. -- A Delaware judge Friday dealt a blow to activist investor Carl Icahn's effort to stop CEO and founder Michael Dell's $24.8 billion buyout offer for the struggling computer maker.

He refused to fast-track proceedings on Icahn's claims that Dell Inc. (DELL) directors have betrayed their duties to shareholders in trying to win support for Michael Dell's bid.

After three delays, Dell's board has scheduled a special shareholder vote on Michael Dell's offer for Sept. 12, followed by an overdue annual meeting on Oct. 17.

Icahn, who is seeking to oust Michael Dell as CEO, wanted the vote and annual meeting to be held on the same day. That would give shareholders a chance to vote on a rival board slate he is offering as part of his proposal, which he says would be a better deal for Dell shareholders.

Icahn claims that delaying the annual meeting until October could torpedo his financing plans for his proposal and is part of a deliberate effort to thwart his competing bid. He also argues that Dell directors have unfairly favored Michael Dell by moving up the investment date that makes a shareholder eligible to vote and by counting only votes, excluding those controlled by Michael Dell's group, that are actually cast. Under a previous deal condition, shareholders who did not vote were counted as being against Michael Dell's buyout.

http://www.dailyfinance.com/

((i also read an article recently that said mr icahn was also in negotiations to purchase apple-alexis))

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