Carl Icahn to oppose Dell’s purchase of DVMT tracking shares


Carl Icahn is gearing up for another battle with Michael Dell.

The activist investor, who fought Dell when he took his namesake computer company private in 2013, will challenge plans to take it public again.

Icahn on Monday disclosed that he has boosted his stake in shares that track Dell Technologies Inc.’s

DVMT, +3.01%

  interest in VMware Inc.

VMW, +4.42%

  to 8.3%. He said in a letter that he plans to vote against Dell Technologies’ plan to buy the stock—known by its ticker, DVMT—and encourage other shareholders to do the same.

The move represents a serious challenge to a deal that is meant to streamline Dell’s complicated ownership structure and return the company to the public markets. Several other investors are already unhappy with the proposal, which Dell and investment firm Silver Lake announced in July, and Icahn’s public opposition lengthens the odds of winning shareholder approval.

Icahn argues that the current deal, which would allow tracking-stock holders to exchange each share for 1.3665 shares of what will become a newly public Dell, or $109 in cash, significantly undervalues DVMT stock.

An expanded version of this report appears on

Popular on

A sexual-assault accusation in New Jersey spotlights a national dilemma

Thousands of Southerners planted trees for retirement. It didn’t work

Source : MTV