Icahn: I want to run Dell

  @CNNMoneyInvest July 17, 2013: 7:10 PM ET
alpha hedge fund carl icahn

Carl Icahn is battling Silver Lake and Michael Dell for control of Dell.

NEW YORK (CNNMoney)

Carl Icahn is itching to get his hands on Dell.

The hedge fund manager has been in battle with Dell's board, opposing a planned buyout from company founder Michael Dell and the private equity firm Silver Lake Partners. When asked whether his goal in fighting the deal is simply to raise the buyout price of a transaction taking Dell private, he insisted that it's not.

"The most money I've made is when I control companies and get into them," Icahn told an audience Wednesday evening at CNBC's Delivering Alpha conference in New York.

This Thursday is scheduled to be a key date in the battle to control Dell. Shareholders are expected to vote on whether to accept Dell and Silver Lake's offer of $13.65 per share for the company.

Related: Michael Dell knows his Dell odds are slim

But Dell's board may postpone the vote, the Wall Street Journal reported late Wednesday. The board wants more time to win over several key shareholders who are expected to vote against the deal, the paper said.

Dell did not immediately return a call for comment.

Icahn said that if the shareholder vote is postponed it would be yet another sign of a dysfunctional corporate board at Dell (DELL, Fortune 500).

"I've been through a lot of these fights and I'm a cynic about corporate democracy and boards, but I've never seen a board as bad as this," he said.

Icahn has committed $5 billion toward a Dell buyout -- $3.5 billion from his fund and $1.5 billion from investment bank Jefferies. Dell and Silver Lake's purchase price is $24 billion. To actually win the fight for Dell, Icahn knows he needs a lot more money. To top of page



Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 16,408.54 -16.31 -0.10%
Nasdaq 4,095.52 9.29 0.23%
S&P 500 1,864.85 2.54 0.14%
Treasuries 2.72 0.08 3.19%
Data as of 8:19am ET
Company Price Change % Change
Bank of America Corp... 16.15 0.02 0.12%
General Electric Co 26.56 0.44 1.68%
Alcoa Inc 13.56 0.14 1.04%
Microsoft Corp 40.01 0.00 0.00%
Pfizer Inc 30.25 0.16 0.53%
Data as of Apr 17
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.36%4.24%
15 yr fixed3.39%3.26%
5/1 ARM3.36%3.27%
30 yr refi4.34%4.22%
15 yr refi3.38%3.24%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.