NEW YORK (TheStreet) -- Hedge fund manager Carl Icahn has officially thrown in the towel on his takeover battle for Dell (DELL). TheStreet's Brittany Umar gets the breakdown from TheDeal's Jonathan Marino.
Founder Michael Dell and Silver Lake Partners have essentially won the takeover bid to privatize the company. The deal is set to be approved at $13.75 a share, along with a 13-cent-per-share special dividend.
Marino said the Delaware court ruling to allow the takeover vote to occur on a day separate from the annual shareholder meeting spun the vote favor of Michael Dell's bid.
Nevertheless, while Icahn opposes the takeover, Marino said he still walks away a winner, pocketing more than $150 million in the year-long battle.Michael Dell and Silver Lake Partners are also winners, after finally winning control of the company -- albeit at a steeper price than they originally wanted to pay. The loser? Southeastern Asset Management, a large shareholder from the 1990's, which sold its stake to Icahn at a discount to the current $13.75 offer. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV