Dell

Carl Icahn to actively oppose Dell's plan to return to public markets

Carl Icahn sitting in a chair smiling on stage at an event
Carl Icahn. Photo: Heidi Gutman/CNBC, NBCU Photo Bank via Getty Images

Carl Icahn, the activist investor, disclosed an 8.3% stake in a tracking stock for Dell Technologies' position in VMWare yesterday, and said he will actively oppose Dell's plan to return to the public markets via a $22 billion reverse merger with that tracking stock. Per Icahn's letter:

Why it matters: If this sounds familiar, it's because Icahn tried preventing Dell from going private back in 2013, arguing that Michael Dell and private equity sponsor Silver Lake were undervaluing the company.

Dell's public market return

Michael Dell. Photo by Drew Angerer/Getty Images.

Dell is returning to the public markets, five years after going private in a $25 billion transaction backed by Silver Lake.

Why it's a big deal: Because Michael Dell originally took his eponymous company private, in large part, because of his growing distaste for public market short-termism.