Dallas, Texas 08/20/2013 (Financialstrend) – While Carl Icahn, the activist investor in Dell Inc. (NASDAQ:DELL) had continuously been trying to put off the move by the founder Michael Dell to take the company into his private hands along with his equity partner firm Silver Lake Partners LLC, the recent move by the US District Judge to toss out Icahn’s claims had come as a big stamp to the investor. The Judge, Leo Strine had dismissed the claims filed by the investor in a lawsuit alleging that the founder of the company, Michael Dell and the Board of Directors had been breaching their fiduciary duties. This claim was in line with the acceptance by the board to consider the offer made to takeover Dell Inc. (NASDAQ:DELL) for an aggregate value of $25 billion.
The judge had declined Carl Icahn’s request to fast track the lawsuit filed by him so as to prevent the controversial buyout offer of the founder. He further added that the formal hearing on the lawsuit would be scheduled to be conducted in the near future and had also commented that the company and the investor should work together to resolve their differences.
The shares of Dell Inc. (NASDAQ:DELL) had on Monday traded to report a closing price of $13.79 per share on Monday, which was found to be a dip of 0.22% over the previous close. The stock had moved through the day to report price movements in the range of $13.77 to $13.83 per share for the day, while the stock’s present 52 week low price level is at $8.69 and 52 week high level is at $14.64 per share for the company. There are around 1.76 billion shares of the company presently being traded with the market cap on Monday at $24.20 billion and institutional ownership at 70%.