Icahn Nears Finalization of Dell (DELL) Financing Loan
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Icahn Affirms Securing $5.2B of Debt Financing for Dell (DELL) Deal
July 1, 2013 1:50 PM EDTCarl Icahn and his affiliates today issued the following letter to stockholders of Dell Inc. (Nasdaq: DELL) and members of the Dell Special Committee.
Dear Fellow Dell Stockholders AND Members of the Dell Special Committee:
$5.2 BILLION COMMITTED
We are pleased to inform you that we have obtained lender commitments for the $5.2 billion in debt financing that we said we would obtain (including $1.6 billion from Jefferies Finance LLC). Jefferies has advised us that they are completing the paperwork and the commitment letters will be publicly filed after the... More
Icahn, Southeastern Urge Dell (DELL) Shareholders to Vote Against Merger Proposal
June 26, 2013 12:06 PM EDTCarl Icahn and Southeastern Asset Management (SAM) sent the following proxy statement to Dell, Inc. (NASDAQ: DELL) shareholders:
This Proxy Statement (Proxy Statement) and the enclosed GOLD proxy card are being furnished by Southeastern Asset Management, Inc., a Tennessee corporation (SAM), and Icahn Enterprises, L.P., a Delaware master limited partnership (IEP, and together with the Icahn Participants (as defined in Annex B), Icahn) (Icahn, together with SAM, SAM/Icahn), for use at the special meeting of stockholders of Dell Inc. (Dell), and at any continuation, adjournment, or postponement thereof (the Special Meeting), relating to the proposed going private... More
Icahn Proposes Dell (DELL) Start Offer for 1.1B Shares at $14/Share
June 18, 2013 12:30 PM EDT(Updated - June 18, 2013 1:30 PM EDT)
Carl Icahn is commenting that a "major bank" is willing to put up $1.6 billion in financing for a Dell, Inc. (NASDAQ: DELL) deal.
He is proceeding to obtain commitments for $5.2 billion of debt financing. he would make $2 billion available for commitment.
Icahn has bought about 72 million Dell shares from Southeastern Asset Management.
He also said about $4.9 billion of cash would be available for ongoing Dell operations.
Icahn's Open Letter to Dell shareholders:
Dear Fellow Dell Shareholders:
We take this opportunity to respond to rumors regarding the availability of financing for our proposal for a recapitalization at Dell and to address recent statements by Dell that demean the prospects of Dell. We are amazed by these statements by the Dell Board. In what other context would the person tasked with selling a product actually spend their efforts negatively positioning the very product they are trying to sell? Is that how the supposed "go-shop" was conducted? Can you imagine a real estate broker running advertisements warning of termite danger in a house each time a prospective buyer seems interested? Dell's statements, and in particular the June 5 presentation by Dell, only convinces us further that the $13.65 price in the pending Michael Dell/Silver Lake deal significantly undervalues the Company. We have also come to the conclusion that a Board that has circulated this information while we were attempting to proceed with our proposed recapitalization (which would allow Dell stockholders the opportunity to retain their Dell shares and to elect to receive a distribution of either $12.00 per share in cash, or $12.00 in additional shares of Dell common stock valued at $1.65 per share), will never accept our proposal as a Superior Proposal as defined in Dell's February 5 Merger Agreement. As a result, and in order to settle all questions regarding liquidity, we propose that Dell engage in the $14 per share tender offer described below. In order to implement our tender offer proposal we will: (1) seek to defeat the Michael Dell/Silver Lake transaction at the July 18 Special Meeting and we ask you to vote against that transaction as we believe the $13.65 per share purchase price substantially undervalues Dell; and (2) once the Michael Dell/Silver Lake transaction is defeated, seek to elect our slate of directors at the 2013 Dell annual meeting of shareholders to implement our proposed $14 per share tender offer.
We propose that Dell commence a tender offer for approximately 1.1 billion Dell shares at $14 per share (for a maximum of $16 billion available in the tender offer). Icahn and Southeastern (who together hold... More
