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Dell activists should be careful what they agitate for Add to ...

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Carl Icahn and Southeastern Asset Management think that Dell shares are worth $23 (U.S.), and that founder Michael Dell’s proposed buyout, at $13.65, is grossly unfair. There is an easy way for Mr. Dell to silence the activists: take them at their word. He should simply offer to sell them his 276 million shares at $18 apiece. That is a 20-per-cent discount to the agitators’ value, leaving them lots of upside, by their own reckoning.

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