real-time news and commentary for investors
Thursday, Aug 1
Icahn sues to stop Dell from changing record date for LBO vote
- Carl Icahn has filed suit against Dell (DELL +1.7%) and its board to prevent a change in the shareholder record date (currently June 3) upon which Friday's LBO vote will be based. A date change could lead to higher turnout, which in turn could help the deal pass.
- Dell's board stated yesterday it's open to changing the record date, but rejected Michael Dell/Silver Lake's request not to recognized abstained votes as "no" votes.
- Icahn is also demanding Michael Dell and affiliates not be allowed to vote shares bought after Feb. 5.
- Dell is rallying today, but is still 6% below the revised LBO offer price of $13.75/share.