Investor Carl Ichan says he will not longer fight Michael Dell鈥檚 bid to take his namesake company private.
For the last several months, Michael Dell 鈥� who began selling PCs from his dorm room at the University of Texas 鈥� had been attempting to take the publicly-traded company . But his buyout bid, arranged though investment firm Silver Lake, had been fought tooth and nail by Ichan, a major Dell stockholder. Ichan said the bid undervalued the company.
, Ichan says 鈥渨e have determined that it would be almost impossible to win the battle on September 12th鈥� the next day a vote on Dell鈥檚 buyout offer was scheduled. 鈥淲e have therefore come to the conclusion that we will not pursue additional efforts to defeat the Michael Dell/Silver Lake proposal, although we still oppose it and will move to seek appraisal rights.鈥�
