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NewsPoster Oct 4, 2013 01:07 PM
Carl Icahn backs down from Dell fight, won't seek share rights
Carl Icahn has backed down once again from his ongoing dispute with Dell over the company's <a href=" al.q3.2014/">move to go private</a>. In a Twitter post, the activist investor noted that he would no longer seek "appraisal rights" for his stake in the company, which would have taken the disagreement over share value to a Delaware court. <br /><br />"I withdrew my demand for appraisal of my Dell shares," the tweet read, as quoted by <em>Reuters</em>. "Based on our returns on capital, we believe we have better uses for $2 billion."<br />
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Icahn initially attempted to block the privatization effort spearheaded by Michael Dell, arguing that the $25 billion proposal undervalued the company at $13.75 per share. The investor suggested he was willing to pay up to $18 per share, fire the board and oust Michael Dell, however he later backed out of the potential deal.<br />
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The privatization process is expected to be finalized by the third quarter, following <A href=" .1st/">regulatory approval</a> earlier this month.
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