Icahn says he has $5.2b in financing to thwart Dell plan

NEW YORK — Billionaire investor Carl Icahn said Monday that he has secured $5.2 billion in debt financing to support his latest attempt to scuttle the planned leveraged buyout of Dell Inc. by founder Michael Dell.

Icahn and his affiliates obtained the financing with help from Jefferies Group, which committed $1.6 billion, he said Monday in an open letter to Dell shareholders and directors. Icahn also called on the Round Rock, Texas-based company’s special committee handling the proposed buyout to ‘‘engage in a direct, face-to-face sit-down meeting’’ with his group.


‘‘We put an end to the unwarranted speculation by Dell that our money would not be available,’’ Icahn said. ‘‘Dell’s recent aggressive PC pricing discounts are designed to buy meaningful market share while sacrificing near-term margins — a strategy that we believe will benefit future owners.’’

The disclosure of committed financing comes as Icahn attempts to counter a proposed $24.4 billion buyout of the struggling personal computer maker by chief executive Dell and private equity firm Silver Lake Management. Dell is seeking to take his company private after years of acquisitions in technology services, software, and data center equipment have failed to reverse a decline in revenue and profit at the company.

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Dell’s special committee said in a statement that it has ‘‘reviewed Mr. Icahn’s open letter and will be pleased to review any additional information, including financing commitments, that it may receive from him regarding his recapitalization proposal.’’

CEO Dell said in a filing that Icahn’s proposal would ‘‘hurt the company’s ability to weather” an economic downturn.

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