Dell Inc., (NASDAQ:DELL) Gets Sued At The Hands Of Mr. Icahn

Denver, CO, 08/02/2013 (Avauncer.com) – Shares of Dell Inc., (NASDAQ:DELL) were up 2.33% to close at $12.95. Thus, shares managed to close at the upper end of its 52-week price range of $8.69 to $14.64. Also, shares were actively traded, with 40.70 million shares being traded, up from the average volume of 28.93 million shares.

Mr. Icahn is especially disappointed with the Board, who he claims has breached their fiduciary relationship in delaying the meeting beyond July 24.

In a sudden turn of events, Mr. Carl Icahn, disappointed by the course of action taking place, has filed a legal complaint against Dell Inc., and it’s Board. The main intention of Mr. Icahn is to prevent the company from getting a new record date for the Special meeting. If the company succeeds in getting a new record date for the special meeting, it should be on the same day of the annual meeting date. This is to enable Mr. Icahn to put up a proposal of his own team of directors for the company.

Mr. Icahn also wants to forbid Mr. Dell’s voting rights in respect of those shares bought after Feb. 5, the date on which the buyout proposal was announced. The lawsuit also aims at preventing the company from changing the shareholder voting requirements. The main aim of freezing the record date is preventing the voting rights to be put in the hands of arbitragers, who can be swayed to vote in favor of the deal. However, Mr. Icahn may not be able to push this point further, especially with the background of the judge related to this particular case, being in favor of arbitragers, who holds that they are shareholders with same voting rights.

The vote, now scheduled on Friday, marks the third attempt at vote in order to take the company private.