Icahn Drops Fight for Dell

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Billionaire investor Carl Icahn said he will end his fight to control Dell, smoothing the path for founder Michael Dell to take the company private.

Icahn said he is still against the joint bid from Dell and partner Silver Lake Management, which he argues undervalues the company. The offer was increased last month amid criticism from Icahn and others, but the price remains 70% below the stock’s 10-year high, Icahn said in a filing Monday.

Shareholders will vote on the buyout on Thursday, Bloomberg News reports.

[Bloomberg News]