Icahn contests condition in latest Dell offer

Associated Press + More

By The Associated Press, Associated Press

Billionaire investor Carl Icahn is warning that the latest offer from Dell's founder to buy the struggling computer maker bypasses an important safeguard for shareholders.

Icahn and the investment firm Southeastern Asset Management say Michael Dell wants to circumvent the voting process behind the deal by preventing stockholders from passively dissenting on the offer.

Last week, a group led by founder Michael Dell and the investment firm Silver Lake Partners raised their buyout offer to $13.75 per share, up a dime from $13.65.

But they also want a change in the voting rules. They say the offer's fate must be decided by the shareholders who choose to vote either in favor of the plan or against it. Previously, non-voting shareholders were counted as opponents of the proposal. The vote is set for Friday.

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