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Carl Icahn '57 announced Thursday that he will not take further action to prevent an impeding buyout of technological giant Dell, of which he is a shareholder, The Wall Street Journal reported.

In a letter directed to the company's shareholders, Icahn wrote that it would be“almost impossible to win the battle” after the group promoting the buyout, which includes Dell CEO Michael Dell, upped its offer for the company to $24.8 billion.

However, the revised offer will mean that Icahn will receive about $70 million from the sale, according to the newspaper.

"No one will deny that shareholders would have gotten a lot less if I hadn’t shown up and done what the board should have been doing," Icahn said.

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