BREAKING NEWS

BREAKING NEWS

Carl Icahn reports 8.3 percent stake in Dell tracking stock

Now Reading:

Carl Icahn reports 8.3 percent stake in Dell tracking stock

Carl Icahn reports 8.3 percent stake in Dell tracking stock
@ Copyright :
Brendan McDermid(Reuters)
Text size Aa Aa

(Reuters) - Activist investor Carl Icahn reported an 8.3 percent stake in Dell tracking stock <DVMT.N> on Monday, and urged investors to vote against a proposed buyback by Dell Technologies of shares tied to its interest in software company VMware Inc <VMW.N>.

Dell Technologies in July said it would pay $21.7 billion in cash and stock to buy back shares tied to its interest in software company VMware.

Several other hedge funds, including Elliott Management Corp and Canyon Capital Advisors LLC, have resisted Dell's effort to buy back the "tracking stock" from them.

"The Dell Tracker currently sells for approximately $92 per share but is worth on a pure mathematical basis approximately $144 per share," Carl Icahn said https://carlicahn.com/carl-c-icahn-releases-open-letter-to-stockholders-of-dells-dvmt-tracking-stock in an open letter to stockholders.

Dell said in October it had met with some investment banks to explore an initial public offering if its plan to buy the tracking stock of VMware falls through.

Dell and Silver Lake did not immediately respond to requests for comment.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D'Silva)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.