Dell maintains plans to go public despite Icahn opposition

(Reuters) - Dell Technologies Inc said on Tuesday it was sticking to its plans to go public by buying back its tracking stock (NYSE: DVMT), a day after activist investor Carl Icahn opposed the move.

Icahn reported an increased 8.3 percent stake in Dell tracking stock on Monday, saying he intends to do everything in his power to thwart the computer manufacturer's plans.

Dell in July announced a $21.7 billion cash-and-stock deal to buy back shares tied to its interest in software provider VMware (NYSE: VMW).

"Dell Technologies continues to believe that the proposed offer for DVMT shares ... is fair and in the best interests of DVMT shareholders," a Dell spokesman said in an email.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Sai Sachin Ravikumar)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Mavis acquires Pep Boys from Icahn Enterprises for $700M
• These 25 S&P 500 stocks saw the largest increase in institutional ownership in Q2
• Bernstein on whether Hershey (HSY) could eventually step up to buy Mondelez (MDLZ)