March 25, 2013
/PRNewswire/ -- Icahn Enterprises L.P. ("Icahn Enterprises") (NASDAQ: IEP) today announced that Icahn Enterprises is pleased that the Special Committee of Dell Inc.'s Board has responded positively to our proposal regarding Dell.
Icahn Enterprises believes that the
merger agreement entered into among
Michael S. Dell
and Dell significantly undervalues Dell. As set forth in our
letter to the Special Committee, a copy of which was attached to the press release issued by Dell earlier today, Icahn Enterprises' proposal allows for substantial ongoing participation in Dell by those shareholders that believe, like us, that the future for Dell is bright, while at the same time providing
per share in cash to those Dell shareholders that wish to exit Dell (up to an aggregate of
), an increase of
per share in excess of the Michael Dell/
Icahn Enterprises' proposal, which involves an equity commitment of
by Icahn Enterprises (including its existing approximately
holdings of Dell stock) and
Carl C. Icahn
, reflects our desire to continue to hold a significant position in Dell in the future. We have had preliminary discussions with Blackstone and note that, like our proposal, the Blackstone letter also contemplates the possibility of existing Dell holders continuing as Dell shareholders, thereby having the opportunity to participate in the potential for increased value at Dell, as well as the opportunity to receive cash, and we plan to review the Blackstone proposal in greater detail.
We look forward to speaking with other holders of Dell stock in order to garner their support for our proposal as we continue our diligence efforts and negotiations with the Special Committee.