A Times report about Michael Dell and his computer company is dismissive about Carl Icahn's achievements in intervening in Michael Dell's effort to take his computer company private:
The biggest roadblock was Mr. Icahn's demand for a higher price for his shares. After many shareholder votes and court challenges, Mr. Dell and his partners at the private equity firm Silver Lake raised their offer by a few pennies. But Mr. Icahn did not exactly bless the transaction.
Let's review the actual events. Mr. Dell's starting offer was $13.65 a share. He wound up increasing it to $13.75 a share and adding a special dividend of 13 cents a share. That is an increase of 23 cents a share, hardly "a few pennies." And there were enough shares outstanding that at 23 cents a share, the difference was between the $24.9 billion that was the final deal and the $24.4 billion initially offered: $500 million. That is not "a few pennies," it is half a billion dollars.
The Times describes Mr. Dell "reflecting on his tussle with Mr. Icahn, whom he calls 'the great Icahn,' in tones sarcastic even for a wealthy Texan." Without any sarcasm whatsoever, let me say that by winning an additional half billion dollars — not, as the Times describes it inaccurately, "a few pennies" — for Dell shareholders in this deal, Mr. Icahn yet again demonstrated his ability to add value.
The Times goes on to say that "Mr. Icahn is not the only one Mr. Dell remembers for kicking his company while it was down." How was it "kicking a company while it was down" to say that the company was worth more than the founder says it was worth?