Is Icahn Unable to Stop Dell?
Carl Icahn is losing the battle with Dell (NASDAQ:DELL); the latest defeat came on Friday when the Delaware Court of Chancery Judge Leo Strine dismissed the activist investor’s request to fast-track the lawsuit.
Judge Strine did not agree with Icahn’s claims that the board was wronging its shareholders by pushing an offer by Chief Executive Officer Michael Dell. Icahn was hoping to get an order from the judge, so the general shareholder meeting would be held on September 12, along with the special shareholder vote.
The special shareholder vote is when the shareholders were going to decide on the takeover bid by Michael Dell. Icahn was hoping that by holding the general meeting at the same time, it would force Dell to increase his offer.