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Article updated: 7/12/2013 10:48 AM

Icahn sweetens Dell counterproposal with warrants

Billionaire investor Carl Icahn, right, is offering Dell shareholders a chance to own a bigger stake in the company in hopes of thwarting an attempt by Dell founder Michael Dell, left, to buy it and take it private.

Billionaire investor Carl Icahn, right, is offering Dell shareholders a chance to own a bigger stake in the company in hopes of thwarting an attempt by Dell founder Michael Dell, left, to buy it and take it private.

 

Associated Press

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By Associated Press

NEW YORK -- Billionaire investor Carl Icahn is offering Dell shareholders a chance to own a bigger stake in the company in hopes of thwarting an attempt by Dell's founder to buy it and take it private.

Icahn, who owns a nearly 9 percent stake in Dell, now wants to offer shareholders warrants in addition to cash.

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Under his revised offer, shareholders could receive $14 per share, plus one warrant for every four of their shares. The warrant would give shareholders the right to buy one Dell share for $20 over the next seven years.

In a letter to shareholders, Icahn values his counterproposal at about $15.50 to $18 per share.

Michael Dell and Silver Lake Partners have offered $13.65 per share.

Dell shares slipped 4 cents to $13.31 in morning trading.

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