Hoping to throw a wrench into Michael Dell's plan to take the company he founded private, billionaire investor Carl Icahn issued his own bid for Dell that would give shareholders $12 a share but let them keep a stake in the PC-maker. Icahn -- who made his pitch together with another major Dell investor, Southeastern Asset Management -- believes the struggling company is set for a rebound, a view that was challenged recently by Blackstone Group's decision to cease bidding for Dell over concerns about its future viability. Icahn and Southeastern have promised a prolonged fight against Dell's $24.4 billion takeover and have threatened court action if their proposal is ignored.

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