Icahn renews call to defeat Dell buyout offer as vote looms

Credit: Reuters/Chip East/Files

Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference at the New York Stock Exchange in this June 27, 2007 file photograph.

Dell shareholders are scheduled to vote Thursday on a plan laid out by Michael Dell and private equity firm Silver Lake to take the No. 3 PC maker private in a $24.4 billion deal.

However, Dell may decide to delay the vote to gain time to win support for the deal, a person familiar with the matter said on Tuesday.

In an open letter to shareholders on Wednesday, Icahn said Dell's special committee must allow a final vote to be completed on July 18, and not try to postpone the vote to a later date.

Icahn and Southeastern Asset Management oppose the offer, arguing that a $13.65 share offer "substantially" undervalues the company.

Michael Dell and Silver Lake would not raise their offer even if a vote on their offer were delayed, two people familiar with the matter said on Tuesday.

Dell shares were down 1.4 percent at $12.83.

(Reporting By Nicola Leske; Editing by Gerald E. McCormick)