Michael Dell's headaches continue over taking the firm he founded as major shareholder private and main nemesis Carl Icahn launches a lawsuit to stop him in his tracks.
The suit filed by Icahn and associates in the state of Delaware will, according to an article in the Telegraph online, lay out a series of stumbling blocks to moves that could improve Dell's chances of fulfilling his plans.
It seeks to prevent a change in the date by which Dell shares must have been bought to qualify to vote, and to prevent anyone who bought their shares after 5 February this year being able to vote.
The suit also accuses the Dell board of directors of breaching fiduciary duties.
Shareholders are meeting for a third time today to vote on Dell's proposed buyout, but the founder has already vowed to stay on if his bid fails.
He said earlier this week: "If the deal does not go through, I plan to stay and continue to do my best to make the company successful. I will not support the kind of recapitalisation and sale of assets some shareholders are suggesting.
"Given where we are today, I believe the challenges we would face as a public company, including a potential proxy fight, would be significant. But I am ready to fight and I am committed to doing what I believe is right for the company."
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