News Summary: Icahn contests Dell offer condition

Published on NewsOK Modified: July 29, 2013 at 9:51 am •  Published: July 29, 2013

DELL DISPUTE: Investor Carl Icahn is warning that a recent offer from Dell's founder to buy the struggling computer maker bypasses an important shareholder safeguard.

THE DETAILS: Last week, a group led by Michael Dell raised its buyout offer for the company and said they also want to change voting rules on it. They say the offer's fate must be decided by shareholders who choose to vote either for or against the proposal. Previously, non-voting shareholders were counted as opponents.

BACKGROUND: Icahn and another major Dell investor, Southeastern Asset Management, oppose Michael Dell's bid and have pitched an alternative offer.