Investor Carl Ichan says he will not longer fight Michael Dell’s bid to take his namesake company private.
For the last several months, Michael Dell – who began selling PCs from his dorm room at the University of Texas – had been attempting to take the publicly-traded company back under private control. But his buyout bid, arranged though investment firm Silver Lake, had been fought tooth and nail by Ichan, a major Dell stockholder. Ichan said the bid undervalued the company.
In an open letter, Ichan says “we have determined that it would be almost impossible to win the battle on September 12th” the next day a vote on Dell’s buyout offer was scheduled. “We have therefore come to the conclusion that we will not pursue additional efforts to defeat the Michael Dell/Silver Lake proposal, although we still oppose it and will move to seek appraisal rights.”