USA TODAY - Activist investor Carl Icahn has stopped his bid to block a buyout offer for Dell, ending a months-long battle over the fate of the struggling personal computer maker.
In an open letter to Dell shareholders released Monday, Icahn says he will no longer fight to thwart a buyout proposal from founder Michael Dell and Silver Lake Partners. However, Dell said he still opposes a plan that values the company at $13.75 a share, and takes it private.
"I continue to believe that the price being paid by Michael Dell/Silver Lake to purchase our company greatly undervalues it," reads Icahn's letter.
Icahn and Southeastern Asset Management, two of Dell's largest shareholders, have opposed Michael Dell's plan to buyout the company since it was announced in February.
Following several counteroffers, Dell and Silver Lake submitted a "final" proposal that upped the value from $13.65 to $13.75, along with a special dividend of 13 cents once the deal closes.
Dell shareholders will vote on the buyout proposal September 12.
Meanwhile, Icahn has set his sights on a new company: Apple. Last month, Icahn revealed he had a large stake in Apple and had been in discussions with CEO Tim Cook about a stock buyback plan.
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