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Investor Carl Icahn drops Dell takeover bid

Billionaire investor Carl Icahn is ending his bitter takeover fight for struggling computer maker Dell a few days before shareholders are scheduled to consider the latest buyout offer from company founder Michael Dell.
The Associated Press ·
Carl Icahn, right, has been trying to block Dell founder Michael Dell, left, from taking the computer company private but said on Monday he doesn't have the support of enough shareholders and was abandoning the fight. (Dell-Virginia Mayo, Icahn-Mark Lennihan/Associated Press)

Billionaire investor Carl Icahn is ending his bitter takeover fight for struggling computer maker Dell a few days before shareholders are scheduled to consider the latest buyout offer from company founder Michael Dell.

Icahn says he still opposes Michael Dell's bid but has determined it would be almost impossible to defeat it in a vote scheduled for Thursday. Icahn says he won't pursue additional efforts to defeat it.

Michael Dell's $24.8 billion US bid to take his company private includes an offer of $13.75 per share plus a 13-cent dividend. Dell raised that bid last month after previous offers drew strong criticism from Icahn and other major Dell Inc. investors.

Icahn wanted Michael Dell ousted as CEO and had pitched an alternative offer that would keep the company publicly traded.

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