As he stated he would earlier this month, billionaire Carl Icahn closed his entire position in Dell Inc. (NASDAQ:DELL), a new filing with the SEC has revealed. After accepting defeat in the “battle” against Michael Dell and private equity company Silver Lake, Icahn sold out his 8.9% position, which contained around 156.5 million shares. Icahn received $13.75 in cash per share, the filing stated.
At the beginning of September, Mr. Icahn issued an open letter to Dell’s stockholders in which he stated that Michael Dell and Silver Lake’s offer to take the company private undervalues Dell through paying a price that is 70% lower than its ten-year high, and also because “the bid freezes stockholders out of any possibility of realizing Dell’s great potential.”
“The Dell board, like so many boards in this country, reminds me of Clark Gable’s last words in “Gone with the Wind,” they simply “don’t give a damn,” Carl Icahn also remarked.