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Letter Shows Icahn Remains in the Running for Dell (Update 1)

Recent media reports indicate Icahn's proposal may be losing steam as the activist considers whether to press a proposal for Dell to pay a large dividend to shareholders by leveraging the company's excess cash stockpile, which currently stands at over $10 billion.

On Friday, Carl Icahn rejected an offer from Dell to have his expenses reimbursed were he to support the company's takeover by Silver Lake and Michael Dell.

"How does using up corporate funds to pay me to walk away from an offer that the board doesn't like, but that shareholders may, help other shareholders," Icahn said to the Wall Street Journal.

Other reports signal Michael Dell may be interested in joining the Blackstone investor group, which also includes Francisco Partners and Insight Venture Management.

For more on Dell's prospects, see how Carl Icahn and Blackstone rebooted the takeover drama in March.

Also see why Carl Icahn's $15 a share 'devils bargain' could be the best offer for underwater Dell shareholders.

-- Written by Antoine Gara in New York

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