“Billionaire investor Carl Icahn, with his trademark brashness, this morning worked to debunk objections to his leveraged recapitalization proposal for Dell, the latest volley by Icahn against the PC maker’s board,” Abram Brown reports for Forbes.

“In a new letter to shareholders, Icahn foremost renews his argument that the computer company is deliberately sabotaging itself, to create the appearance that the business is deteriorating in a way that would make investors more likely to take the easy route out and accept the $24.4 billion, $13.65 a share, management-led buyout,” Brown reports. “At the same time, Icahn is offering a $14-a-share buyback program, along with a warrant that would allow investors who stick around to buy more shares (once the stock goes higher).”

Brown reports, “A prominent proxy adviser firm last week choose the management buyout, in which Dell would sell itself to its billionaire founder Michael Dell and private equity shop Silver Lake Partners, rather than Icahn’s idea primarily because it fears the leveraged recap would prolong the comeback that Dell needs… As for whether his proposed directors might lose, Icahn says, ‘This is nonsense because it makes no sense to believe stockholders will vote to elect the current board with their abysmal record and turn down our recap offer.'”

Read more in the full article here.

MacDailyNews Take: Dung beetles fighting over a rancid turd.

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