Carl C. Icahn, the activist investor, is poised to announce his opposition to Dell‘s proposed $24.4 billion sale to its founder, a person briefed on the matter said on Wednesday.
The likely emergence of Mr. Icahn as a foe of the sale heightens the pressure on Dell as it urges shareholders to approve the $13.65-a-share offer proposed by Michael S. Dell and the investment firm Silver Lake.
Two of Dell’s biggest outside shareholders, Southeastern Asset Management and T. Rowe Price, have already publicly opposed the current deal. Southeastern has gone so far as to suggest that it would oppose any takeover that is less than $20 a share.
A special committee of Dell’s board, which had overseen the company’s negotiations with Mr. Dell and Silver Lake and which is overseeing a go-shop process meant to find higher bids, has said that the current deal represented the best outcome for shareholders.
Mr. Icahn, who began buying shares in the embattled computer company in recent weeks, has met with advisers to the special committee of Dell’s board, this person said. He has described $13.65 as too low, and instead proposed what’s known as a leveraged recapitalization. That would involve Dell borrowing money and paying out a special! dividend; Mr. Icahn has suggested a payment of $9 a share.
The size of Mr. Icahn’s position couldn’t be learned. He was not immediately available for comment.
News of Mr. Icahn’s plans was reported earlier by CNBC.
