周二早些时候，我们都在讨论卡尔•伊坎（知名维权投资者——译注），他从东南资产管理公司（Southeastern Asset Management）购入约7,200万股股票，把自己在戴尔公司（Dell Inc.）的持股比例增加了近一倍。现在，我们知道了这笔交易的价格：每股13.52美元。

    换言之，如果东南资产管理公司将同样数量的股票卖给眼下正打算以每股13.65美元的价格将戴尔公司私有化的迈克尔•戴尔和银湖资本（Silver Lake Partners），还能多卖13美分。如果考虑到预期支付的派息，差价更是将达到21美分。这个交易价格也远远低于东南资产2月份时宣称的每股24美元的估值。

    售股后东南资产仍然保留了原持股比例的约一半，那么它的策略是什么呢？

    据说，这家总部位于孟菲斯的投资公司相信，伊坎成为戴尔公司最大的外部股东后将拥有更大的宣讲和影响平台，有利于挫败迈克尔•戴尔和银湖资本的收购计划。然后，由伊坎掌控的戴尔公司可以轻松弥补它每股13美分的差价，甚至还能获得一些回报。对于这种观点，我大致可以理解，除了卡尔•伊坎部分：(a) 他在宣扬自己的主张时从未遇到过困难；(b) 伊坎的投资记录和对戴尔的投资观点不会因为他持有的股票数量而改变。

    对于伊坎而言，这笔交易基本上是稳赚不赔。如果迈克尔•戴尔/银湖资本在下个月的股东大会投票中获胜，那么，此次购入东南资产持有的戴尔股票将为他赚进900多万美元（对他而言是笔小财，但也能平滑成本基数）。如果全面收购计划被否，伊坎也已经拥有了一大笔他原本计划通过重组计划购入的股票（而且有了更大的影响力来推动自己的要约被接受）。

    伊坎唯一的风险（至少短期内是这样）是，如果全面收购计划被否后，迈克尔•戴尔备选的“B计划”得到接受。如果是这样，伊坎可能面临的尴尬情形是：手持一家公司逾1.50亿股股票，但掌管公司的却是一个他认为应当扫地出门的人。（财富中文网）

    Earlier today we discussed how Carl Icahn had nearly doubled his stake in Dell Inc., by purchasing around 72 million shares from Southeastern Asset Management. And now we know the price: $13.52 per share.

    Or, put another way, 13 cents per share less than what SAM could have gotten by selling those same shares to Michael Dell and Silver Lake Partners, who are trying to take Dell (DELL) private for $13.65 per share. Or 21 cents per share less, once an anticipated dividend is taken into account. And well below the $24 per share that SAM claimed the company was worth back in February.

    So what is the strategy over at SAM, which retained around half of its original position.

    Word is that the Memphis-based investment firm believes Icahn will have an even louder bully pulpit as the company's largest outside shareholder, for the purposes of beating back the Michael Dell/Silver Lake bid. Then an Icahn-controlled Dell would easily make up that 13 cent per share difference, and then some. I guess I understand in theory, except for the part where Carl Icahn: (a) Doesn't ever have trouble getting his message out, and (b) Icahn's track record and Dell investment thesis doesn't change based on the number of shares he owns.

    For Icahn, this is mostly a win-win situation. If Michael Dell/Silver Lake win the shareholder vote next month, then he pockets more than $9 million on the SAM purchase (chump change for him, but probably smooths out his cost basis a bit). If the buyout offer gets voted down, then Icahn already has a bunch of the shares he planned to buy via the original recap plan (and more leverage to get his tender offer accepted).

    The only way the purchase goes south for Icahn -- at least in the short-term -- is if the buyout gets voted down and Michael Dell has a "Plan B" recap of his own that gets accepted. In that case, Icahn would be left holding over 150 million shares in a company run by someone who he thinks should be out on the street.