Carl C. Icahn And Southeastern Asset Management Issue Open Letter To
Stockholders Of Dell And Special Committee
NEW YORK, July 17, 2013
NEW YORK, July 17, 2013 /PRNewswire/ --Carl C. Icahn and his affiliates and
Southeastern Asset Management today issued the following open letter to
stockholders of Dell Inc. and its Special Committee.
Dear Fellow Dell Stockholders:
In its July 16 letter, the Dell Special Committee once again explained to
stockholders why the Special Committee supports the Michael Dell/Silver Lake
transaction that it has spent so many months trying to persuade us to vote
for. As in the past, we continue to believe that the Michael Dell/Silver Lake
transaction substantially undervalues Dell and that stockholders should be
entitled to choose to retain the upside potential of their Dell shares.
JULY 18 IS THE SCHEDULED TIME FOR THE OWNERS OF DELL TO DECIDE THE FUTURE OF
The Special Committee stated that it has "taken extraordinary measures to
ensure Mr. Dell's neutrality and to leave the final decision with
disinterested stockholders." However, it has been reported by various news
sources that the Board of Directors may decide to postpone the July 18 vote --
either to get more votes for the Michael Dell/Silver Lake transaction, or for
the Special Committee to try to negotiate a better price. Quite frankly, if
the Special Committee does not like the $13.65 price, then as we see it, they
should not have approved the Michael Dell/Silver Lake transaction in the first
place. Also, if stockholders have not approved that transaction after almost
6 months of the Special Committee and others campaigning for it, the company
should not put off the July 18 vote. Can you imagine a political election
contest where one side could push off the election to wait for a better day to
hold the election – a date when it is hoped they might do better in the vote
than they would have done on the originally scheduled election date? We think
that if the company wishes to be true to the Special Committee's undertaking
to "leave the final decision with disinterested stockholders," then the
company must allow a final vote to be completed on July 18, and not try to
postpone the vote to a later date.
Should the Michael Dell/Silver Lake transaction be defeated, we also urge the
Dell Board to move quickly to hold the Annual Meeting when stockholders will
have the opportunity to elect our slate of directors. Our slate has met and
unanimously supports our proposed Dell self tender offer and its
implementation in accordance with their fiduciary duties. As previously
communicated, we believe that our proposed Dell self tender offer has a total
value to tendering stockholders of approximately $15.50 to $18.00 per share.*
WE URGE STOCKHOLDERS TO VOTE NO ON THE MICHAEL DELL/SILVER LAKE PROPOSAL.
Carl C. Icahn O. Mason Hawkins G. Staley Cates
Icahn Enterprises LP Southeastern Southeastern
Asset Management Asset Management
For assistance in voting your shares, please contact D.F. King & Co., Inc.,
which is assisting Icahn and Southeastern Asset Management, at 1-800-347-4750
(banks and brokers call 1-212-269-5550) or by e-mail at firstname.lastname@example.org.
* These estimates are based upon the assumptions and calculations set
forth in Definitive Additional Materials that we filed with the SEC on July
12, 2013 and July 16, 2013 and reflect only an illustration of the implied
value of Dell based upon those assumptions and calculations. The foregoing
and the information contained in the Definitive Additional Materials are not a
prediction of the specific future market value of Dell stock or any warrant.
NOTICE TO INVESTORS
SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT, DATED JUNE 26, 2013,
AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY ICAHN
ENTERPRISES, LP, SOUTHEASTERN ASSET MANAGEMENT, INC. AND THEIR RESPECTIVE
AFFILIATES FROM THE STOCKHOLDERS OF DELL INC. FOR USE AT DELL INC.'S SPECIAL
MEETING OF STOCKHOLDERS SCHEDULED TO BE HELD ON JULY 18, 2013 BECAUSE THEY
CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE
PARTICIPANTS IN SUCH PROXY SOLICITATION. A DEFINITIVE PROXY STATEMENT AND A
FORM OF PROXY HAVE BEEN MAILED TO STOCKHOLDERS OF DELL INC. AND ARE ALSO
AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT
HTTP://WWW.SEC.GOV. INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY
SOLICITATION IS CONTAINED IN THE DEFINITIVE PROXY STATEMENT, DATED JUNE 26,
2013. EXCEPT AS OTHERWISE DISCLOSED IN THE DEFINITIVE PROXY STATEMENT, THE
PARTICIPANTS HAVE NO INTEREST IN DELL INC. OTHER THAN THROUGH THE BENEFICIAL
OWNERSHIP OF SHARES OF COMMON STOCK OF DELL INC. AS DISCLOSED IN THE
DEFINITIVE PROXY STATEMENT. WE HAVE NOT SOUGHT, NOR HAVE WE RECEIVED,
PERMISSION FROM ANY THIRD PARTY TO INCLUDE THEIR INFORMATION IN THIS LETTER.
Certain statements contained in this letter, and the documents referred to in
this letter, are forward-looking statements including, but not limited to,
statements that are predications of or indicate future events, trends, plans
or objectives. Undue reliance should not be placed on such statements
because, by their nature, they are subject to known and unknown risks and
uncertainties. Forward-looking statements are not guarantees of future
performance or activities and are subject to many risks and uncertainties.
Due to such risks and uncertainties, actual events or results or actual
performance may differ materially from those reflected or contemplated in such
forward-looking statements. Forward-looking statements can be identified by
the use of the future tense or other forward-looking words such as "believe,"
"expect," "anticipate," "intend," "plan," "estimate," "should," "may,"
"will," "objective," "projection," "forecast," "management believes,"
"continue," "strategy," "position" or the negative of those terms or other
variations of them or by comparable terminology.
Important factors that could cause actual results to differ materially from
the expectations set forth in this letter include, among other things, the
factors identified under the section entitled "Risk Factors" in Dell's Annual
Report on Form 10-K for the year ended February 1, 2013 and under the section
entitled "Cautionary Statement Concerning Forward-Looking Information" in
Dell's Definitive Proxy Statement filed with the SEC on May 31, 2013. Such
forward-looking statements should therefore be construed in light of such
factors, and Icahn and Southeastern are under no obligation, and expressly
disclaim any intention or obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.
SOURCE Carl C. Icahn
Contact: Susan Gordon, (212) 702-4309
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