Judge rejects Icahn bid to halt Dell offer

Delaware Chancery Court Judge Leo Strine Jr. on Friday rejected billionaire investor Carl Icahn's bid to fast-track a lawsuit that could have thwarted Michael Dell's buyout offer for the computer manufacturer.

Dell Inc. shareholders of record on Aug. 13 are now scheduled to vote on the $24.9 billion buyout at a special meeting on Sept. 12. Those shareholders can choose directors at an annual meeting Oct. 17.

Strine, in Friday's hearing, agreed with lawyers for the company who contended that Icahn had ample time to evaluate the buyout and could have made a bid.

"This court is not going to be dragged into a tactical game" between Icahn and Dell, Strine said.

Michael Dell, 48, and Silver Lake Management L.L.C. offered $13.65 a share for the PC maker, then sweetened the offer - bringing the total investors would get in the transaction to $13.96 a share.

Dell shares rose 12 cents to $13.82 in Nasdaq stock market trading.

Icahn, 77, sued the board Aug. 1 for violating duties under Delaware corporate law, failing to get the best deal, and wrongly separating the special shareholders' meeting and the annual meeting.

Michael Dell holds more than 15 percent of company common shares, and Icahn holds about 9 percent, according to data compiled by Bloomberg.

Dell spokesman David Frink said the company planned a shareholder vote on the buyout on Sept. 12.

Icahn wasn't immediately available to comment on the ruling.