By Allison Prang
Activist investor Carl Icahn said he has sued Dell Technologies Inc., accusing the personal computer and data-storage company of withholding information related to a possible deal that would take it public again.
In July, Dell Technologies made an offer to buy the stock that tracks its interest in VMware Inc., or DVMT. Dell's purchase of the tracking stock would provide the company, which went private in 2013, a return to public markets.
According to a statement from Mr. Icahn, he filed a lawsuit in Delaware Chancery Court Wednesday calling for Dell let him look at "material information" regarding the deal.
"DVMT stockholders should not have to rely exclusively on a narrative provided by the company and its controlling stockholders," the statement said, calling the deal "a conflicted transaction" and posing questions about the independent directors' involvement in the deal.
In an emailed statement Thursday, Dell defended its actions in connection with the proposed transaction.
"We strongly disagree with the merits and unfounded allegations of Mr. Icahn's motion and will be filing a response later today," the company said. The transaction is "the result of a very transparent and thorough process including an independent Special Committee representing DVMT shareholders, which was supported by its own financial and legal advisors," it added.
Mr. Icahn said in October that he planned on voting against the plan and that he would encourage other shareholders to do the same.
Mr. Icahn and his affiliates reported a 9.3% stake in DVMT, up from the 8.3% stake reported last month.
Dell scheduled a special meeting for shareholders to vote on the deal Dec. 11.
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