Therese Poletti’s Tech Tales: Carl Icahn is right about Dell’s complex, self-enriching attempt to re-enter public market

Carl Icahn has successfully tormented several tech companies in the last decade — from Motorola to Yahoo to eBay — but usually demands value extraction that isn’t always the best route for a company’s health or long-term investors.

Icahn’s new battle with computer executive Michael Dell and his eponymous company, now entering a bruising second round five years after the first, is different: It is a righteous stand that other large investors appear to be backing.

The activist investor is opposing Dell’s convoluted deal to go public with an argument that makes sense. Simply put, Icahn and other investors in the so-called Dell tracking stock DVMT, +0.99% — issued as part of its mega acquisition of EMC Corp.

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