Monday, September 9, 2013

Icahn Calls Dell A Totalitarian Dictatorship, Backs Down From Fight

Activist shareholder Carl Icahn has backed down from his fight against Round Rock-based Dell, saying that he will no longer fight the move by Michael Dell and Silver Lake to acquire the company--but called Dell's board a "totalitarian dictatorship" in the way it has been fighting Icahn's efforts. Icahn--who says he still believes the price greatly undervalues Dell--Icahn, in a letter released to Dell stockholders, “What’s the difference between Dell and a dictatorship?” The answer: Most functioning dictatorships only need to postpone the vote once to win.