Billionaire investor Carl Icahn wants Dell Inc. to remain a public company and proposed rewarding shareholders with a large dividend payment instead of becoming private in a $24.4 billion buyout.
He says the amount being offered by a group led by Dell founder and CEO Michael Dell substantially undervalues the slumping PC maker. Icahn wrote in a March 5 letter to Dell directors that the Round Rock, Texas, company should chose his alternative, which would involve a special dividend totaling $9 per share, if shareholders reject the buyout plan that was announced last month. If the board declines to promise that, Icahn said the company should combine a shareholder vote on the buyout with its annual meeting to elect new directors.
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