Carl Icahn bought four million Dell shares last week

Carl Icahn bought four million Dell shares last week

Summary: The American business magnate just upped the ante in his battle against Michael Dell.

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Perhaps just when you thought the saga/meltdown over at Dell couldn't get any worse, Carl Icahn just threw another wrench into Michael Dell's plans to take the PC company private.

The American business magnate upped the ante as well as his stake in the company by picking up four million more Dell shares.

According to the SEC filing posted on Monday, the transaction actually took place last week on August 1.

Icahn paid $12.94 per share, bringing his grand total number of Dell shares to 156,478,650.

The Wall Street Journal highlighted that he now owns 8.9 percent of the Texas-based company, making him the second largest shareholder behind founder and CEO Michael Dell.

This will surely heighten the tension in the financial game these two have been playing against each other for months.

In a nutshell, you have Michael Dell and Silver Lake Partners on one side of the fence trying to take the company private.

However, Icahn along with Southeastern Asset Management have been doing everything possible to block that plan.

The news of Icahn's major purchase falls on the same day that he and his affiliates filed a brief in support of their motion to expedite proceedings for their lawsuit filed against Dell Inc. and its Board of Directors in the State of Delaware.

The brief was submitted to explain how Icahn and friends "believe the Dell Board has breached its fiduciary duties by taking the actions it disclosed late last week."

Furthermore, the brief asserts that Dell should hold its annual meeting in conjunction on the same date and time as the special meeting with shareholders who will have to vote either in favor of Icahn's plan or Michael Dell's offer.

For a closer look at the Form 4 document that Icahn filed with the U.S. Securities and Exchange Commission, scroll through the document below:

Carl Icahn bought four million Dell shares last week

Topics: Tech Industry, Dell, Enterprise 2.0, PCs

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2 comments
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  • I knew Icahn would jump in last minute

    he never met a company he couldn't raid. I feel sorry for the employees.

    Maybe he'll name his next yacht after one of them.
    William Farrel
  • My take,

    Michael could whup Carl easily. He just needs to talk face to face with no witnesses. :-)
    NoAxToGrind