Dell Rises on Report Icahn Taking Stake to Push for Better DealReed Stevenson
Dell Inc. rose as much as 3.1 percent after CNBC reported that investor Carl Icahn has amassed a stake of as much as 6 percent in the computer maker and will probably oppose a proposed $24.4 billion leveraged buyout by Michael Dell and Silver Lake Management LLC.
Icahn will probably push for a special dividend, CNBC reported, citing people it didn’t name.
Dell advanced 2 percent to $14.35 at 2:44 p.m. in New York, and earlier touched $14.51 for the biggest intraday gain since Feb. 1. Through yesterday, the stock had declined 19 percent in the past 12 months, compared with a 12 percent gain in the Standard & Poor’s 500 Index.
Michael Dell and Silver Lake announced a deal on Feb. 5 to take Dell private with an offer of $13.65 a share in the largest leveraged buyout since the financial crisis.