Activist investor Carl Icahn and Southeastern Asset Management Inc, two of Dell Inc’s largest shareholders, have proposed an alternative to a $24.4 billion buyout deal led by founder Michael Dell, the Wall Street Journal reported.<\/p>\n
Icahn and Southeastern, both vocal opponents of the deal, proposed giving Dell shareholders the option to keep holding stock in the company and take an additional $12 a share in cash or stock in a letter to Dell’s board Thursday night, the paper said.<\/p>\n
The letter said Icahn and Southeastern together hold 13 percent of Dell’s stock. The duo have argued that the buyout effort from Michael Dell and private-equity firm Silver Lake Partners significantly undervalues the company, according to the paper.<\/p>\n
In April, Blackstone pulled out just a month after it launched a challenge to the billionaire’s attempt to take Dell private. Icahn and Blackstone each offered alternatives that would keep part of the company public.<\/p>\n
Representatives for the PC maker could not immediately be reached for comment by Reuters outside of regular U.S. business hours.<\/p>\n
Dell, Icahn reach investment deal<\/a><\/strong><\/p>\n Dell faces opposition in buyout move<\/strong><\/a><\/p>\n Shareholders demand Dell open its books<\/strong><\/a><\/p>\n