14 DAY TRIAL // Dell managed to avoid a hostile takeover by billionaire activist Carl Icahn last month, but it was only a momentary setback for the latter.
Carl Icahn was not pushed out of the game. That's what happened to Blackstone group.
Instead, Icahn and Southeastern Asset Management have outlined a counter-offer to Michael Dell's plan to make Dell private.
According to Wall Street Journal, the plan is to pay $12 / €9.22 a share in cash or stock.
That is quite a bit less than the $13.65 / €10.49 a share Michael Dell is proposing, but Icahn intends to let shareholders that don't want to sell to keep their shares if they want.
Said shares would then be left subject to public trading in what’s known as a "stub," a key feature of the deal from Blackstone Group, before the retraction.
"We are often cynical about corporate boards, but this board has brought that cynicism to new heights," wrote Icahn and Southeastern president G. Staley Cates in a letter to Dell's board. "You now have the opportunity to ameliorate the damage that we believe you have caused to Dell and its shareholders by following the fair and reasonable path set forth in this letter."
Clearly, Icahn and his cohorts believe they can manage Dell just fine. Now all anyone can do is wait to see how Dell's founder reacts.