Sep. 9, 2013 at 10:17 AM ET
Billionaire activist investor Carl Icahn announced on Monday that he was giving up his effort to derail Dell's $25 billion bid to go private, determining that it had become "impossible" to prevail given stiff opposition.
In a letter to the computer giant's shareholders, Icahn reiterated his belief that Silver Lake Partners' offer undervalued the company. However, he made clear he was abandoning his efforts, after months of bitter public feuding and courtroom maneuvers. Icahn is also one of Dell's largest individual investors, owning nearly 9 percent of the company's publicly traded shares.
Icahn's decision comes only days ahead of a key shareholder vote that was likely to seal Silver Lake's embrace of the embattled computer giant. The billionaire had filed suit to block the deal, arguing that Silver Lake's bid low-balled Dell's true value.
"The Dell board, like so many boards in this country, reminds me of Clark Gable's last words in "Gone with the Wind," they simply "don't give a damn," Icahn wrote in his letter.
While he would not pursue efforts to block the deal, Icahn said he still opposed it and would move to seek appraisal rights, according to the letter that he filed with regulators.
Reuters contributed to this report.