Dell strikes deal with Icahn to put 10 pc cap on stake

BANGALORE, INDIA: Dell Inc. has come to an agreement with investor Carl Icahn, under which Icahn and affiliated entities have agreed not to make purchases that would cause them to own more than 10 per cent of Dell's shares.

The agreement also mandates that Icahn and affiliated entities will not enter into agreements with other shareholders who, together with the Icahn entities, would collectively own in excess of 15 per cent of Dell's shares.

Dell has also granted the Icahn entities a limited waiver under Section 203 of the Delaware General Corporation Law, which facilitates Icahn's ability to engage with other Dell stockholders.

Icahn Enterprises had notified Dell on March 14, 2013 of its filing for early termination of the waiting period under the HSR Act with the United States Department of Justice and the Federal Trade Commission for permission to acquire up to 25 per cent of Dell's outstanding shares.