In a 7 month battle, worthy of two heavy weights, Carl Icahn threw in the towel leaving company founder Michael Dell as the only man left standing. Ever since Michael Dell first announced, in February, his desire to buy the company to take it private Carl Icahn has been trying to thwart him at every turn. The two of them threw punches, bobbed and weaved in a war that looked as thought it might end in a draw.
"The Dell board, like so many boards in this country, reminds me of Clark Gable's last words in "Gone with the Wind," they simply 'don't give a damn,'" Icahn wrote in a letter to shareholders on Monday
The was started in early February when Michael Dell, with the backing of Silver Lake and Redmond-based Microsoft, announced that he was offering $24 billion to buy the company that he founded 29 years ago. Shortly afterward Carl Icahn stepped into the ring to block Mr. Dell and keep the company a public traded entity. The two sides soon started drawing lines as they threw counter offers, used delaying tactics and even some legal wrangling.
In August the war looked it might finally be turn in Mr. Icahn's favor as Michael Dell upped the bid to buy the company. This raised the money that the shareholders would be getting per share. It accomplished part of what Mr. Icahn when he said that he thought Mr. Dell was undervaluing the company.
"We are pleased today to have won yet another battle, but the war regarding Dell is far from over," Icahn said in a Friday statement. "We are not satisfied. We believe that an increase of a mere 13 cents is an insult to shareholders.”
Shortly after Mr. Icahn's minor victory in early August the moment went back to Michael Dell's corner. As the vote of shareholders and board of directors loom close it is looking as though they are ready to say yes to Michael Dell. Carl Icahn finally decided that anymore punches would just hit the air and bowed out of the fight.
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