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WWII: Carl Icahn Declares War on Michael Dell’s Planned Return to Public Markets

Michael Dell & Carl Icahn
Billionaire activist investor Carl Icahn comes out against Michael Dell and the private equity firm Silver Lake $21.7 billion VMware buyout offer.

Icahn now VMware’s second-largest shareholder, said Monday that he has upped his stake in the tracking stock to more than 8% – or over $2 billion. But Dell is “manipulating” shareholders of VMware into accepting his buyout offer.

In a scathing letter, Ichan bashing the proposed buyout by Dell that could make the computer giant publicly traded once again.

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Icahn claimed Dell and Silver Lake are using “scare tactics,”. They “literally stealing” $11 billion from shareholders in a plan to take the computer giant publicly traded once again.

In an interview on CNBC’s “Halftime Report.” he said: “You’ve got two guys that are going to make $11 billion. Eleven billion dollars for doing nothing. It’s unrivaled even on Wall Street’s standards.”

In the letter published online Monday Icahn said: “While we have unearthed many undervalued opportunities in the past, very few companies compare to the current opportunity and the massive undervaluation of DVMT – which exists in plain sight for all to see.”

Icahn said in a letter included in a securities filing that the deal in its current form values the company at closer to $94. But the value of VMware should be $144.

Ichan’s calculations show VMware could generate in free cash flow over “a few years,” a value of more than $250 a share.

“VMware holders shouldn’t agree to the deal unless it contains a very, very substantial increase,” Icahn said. “I intend to do everything in my power to STOP this proposed DVMT merger. In my opinion, it is better to have peace than war. I still enjoy a good fight for the right reasons, and in the current situation, I do not see peace arriving quickly!”

Ichan added: “Clearly Michael Dell and Silver Lake take us for fools if they think that we would exchange this future value potential for only $94 per share. I intend to do everything in my power to STOP this proposed DVMT merger.”


Read All About the Battle over Dell inc. : 






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