Icahn Enterprises comments on proposal regarding Dell


"Icahn Enterprises believes that the February 5th merger agreement entered into among Michael S. Dell, Silver Lake and Dell significantly undervalues Dell. As set forth in our March 22nd letter to the Special Committee, a copy of which was attached to the press release issued by Dell earlier today, Icahn Enterprises' proposal allows for substantialongoing participation in Dell by those shareholders that believe, like us, that the future for Dell is bright, while at the same time providing $15 per share in cash to those Dell shareholders that wish to exit Dell, an increase of $1.35 per share in excess of the Michael Dell/Silver Lake offer. Icahn Enterprises' proposal, which involves an equity commitment of $2 billion by Icahn Enterprises and $3 billion by Carl C. Icahn, reflects our desire to continue to hold a significant position in Dell in the future. We have had preliminary discussions with Blackstone and note that, like our proposal, the Blackstone letter also contemplates the possibility of existing Dell holders continuing as Dell shareholders, thereby having the opportunity to participate in the potential for increased value at Dell, as well as the opportunity to receive cash, and we plan to review the Blackstone proposal in greater detail. We look forward to speaking with other holders of Dell stock in order to garner their support for our proposal as we continue our diligence efforts and negotiations with the Special Committee."

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