The billionaire’s investment firm announced on Monday that it has concluded a confidentiality agreement with the struggling computer maker. The move comes after Icahn urged the company’s board to issue a special dividend instead of approving a buyout proposal from its founder, the Wall Street Journal noted.
Under the terms of his proposal to the board, Dell would pay shareholders a $9 a share dividend. The size of Icahn’s stake in the computer maker is uncertain, but he is rumored to hold as much as 6% of its outstanding common shares.
In addition to Icahn, The Blackstone Group (NYSE:BX) has reportedly also entered into a confidentiality pact with Dell in order to examine the company’s financial records.
Shares of Dell rose more than 1% in Monday midday trading.