SAN FRANCISCO (Reuters) - Activist investor Carl Icahn, who ended his months-long campaign against Michael Dell’s planned buyout of Dell Inc last month, on Friday signaled his final retreat from the struggling personal computer maker.
The billionaire, who opposed Michael Dell’s $25 billion offer to take Dell private, tweeted he will no longer seek “appraisal rights” for his shares, a legal process under which investors can try to get a Delaware court to determine the fair value of the stock.
“I withdrew my demand for appraisal of my Dell shares. Based on our returns on capital, we believe we have better uses for $2 billion,” the billionaire tweeted.
Icahn last month ended his months-long effort to block the deal, smoothing the way for the largest buyout since the financial crisis. Icahn, the company’s second largest shareholder at the time, said he would no longer try to head off the deal, and that a war with the billionaire founder and the company’s board “would be almost impossible to win.”
Editing by Jeffrey Benkoe