FORTUNE — Carl Icahn today acknowledged that he will be unable to thwart Michael Dell’s attempts to take Dell Inc. (DELL) private, with Dell shareholders expected to approve the $25 billion deal this Thursday.
Icahn has been fighting the PC maker’s founder and CEO for months, and has become its largest outside shareholder with nearly a 9% stake. But he recently lost a key legal battle in Delaware, while shareholders appear swayed by an upwardly-revised buyout offer that would pay them $13.75 per share, plus a 13 cent special dividend.
From a letter Icahn sent this morning to Dell shareholders:
But Icahn didn’t pull all of his punches. Instead, he kept up his rhetorical assault against Dell’s board of directors, whom he has accused of doing everything in their power to make sure that Michael Dell emerges victorious:
As this long saga winds down, it is worth noting two things: (1) Icahn did play a positive role for Dell shareholders, getting Michael Dell to slightly increase a bid that had been viewed as “best and final.” (2) Icahn will make a small profit on Dell — or at least “small” by his billionaire standards. For example, in June he purchased 72 million shares from Southeastern Asset Management at $13.52 per share.
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