June 19 - Billionaire investor Carl Icahn is promising a $16 billion stock buyback to Dell shareholders if they turn down the Dell/Silverlake offer to go private. Bobbi Rebell reports.
Today's daily digit is $16 billion. That's the amount of stock billionaire investor Carl Icahn is promising Dell Shareholders he would buy back- if they join his campaign to stop the computer maker from going private. The battle for the #3 PC maker has been building for months. Next month, shareholders will vote on whether to accept a $24.4 billion bid from company founder Michael Dell and private equity firm Silver Lake. They want to transform Dell into an IBM-like technology consultant for large companies- and say that's best done as a private company. The offer is Icahns' third. In March he offered $15 per share for 58 percent of the company. In May, he and another shareholder, Southeastern, had offered shareholders $12 of cash per share- and would allow them to keep their stock. Icahn recently bought nearly a billion dollars of Southeastern's stock, making him Dell's largest external shareholder.