Carl C. Icahn is finally abandoning his battle against Dell Inc.‘s sale to its founder.
The billionaire investor disclosed on Friday â€" on Twitter, as is his bent these days â€" that he is forgoing his right to have the Delaware Court of Chancery appraise the value of his shares in the computer company.
Later on Friday morning, the company disclosed in a regulatory filing that Mr. Icahn’s firm had indeed
The decision comes several weeks after shareholders formally approved Dell’s $24.9 billion sale to its founder, Michael S. Dell, and the investment firm Silver Lake. That triumph came only after the buyers agreed to slightly sweeten their takeover bid in exchange for modifications to the voting rules that defeated heated opposition by Mr. Icahn and another investor, Southeastern Asset Management.
One of the tools that Mr. Icahn deployed in his monthslong campaign was a call for other investors to exercise their appraisal rights, which are available to shareholders of Delaware corporations like Dell. The rights allow investors to demand a court hearing on just how much their holdings are worth.
But the process could take months to unfold, with a chancery court judge hearing testimony and reviewing evidence from both sides. It also represents an element of chance: Shareholders could ultimately receive more than Mr. Dell and Silver Lake will pay, but they could also receive substantially less.
Friday’s disclosure is largely a formality. Mr. Icahn had already said that his fight against the Dell deal was over, having congratulated Mr. Dell on winning over shareholders in perhaps the most back-handed way possible.
Mr. Icahn, it seems, already has other matters on his mind. Earlier this week, the investor tweeted a recounting of his dinner with Apple. Inc. chief Timothy Cook, as well as his demand for a $150 billion stock buyback.
