Carl Icahn may be waving the white flag in his fight against the offer by Michael Dell and private-equity firm Silver Lake to buy out Dell Inc.'s shareholders, but he isn't doing so without getting in some last zingers. Below are some quotes from Mr. Icahn's letter:

--We have therefore come to the conclusion that we will not pursue additional efforts to defeat the Michael Dell/Silver Lake proposal, although we still oppose it and will move to seek appraisal rights.

--We won, or at least thought we won, but when the board realized that they lost the vote, they simply ignored the outcome. Even in a dictatorship when the ruling party loses an election, and then ignores its outcome, it attempts to provide a plausible reason to justify their actions.

--We jokingly ask, "What's the difference between Dell and a dictatorship?" The answer: Most functioning dictatorships only need to postpone the vote once to win.

--We therefore congratulate Michael Dell and I intend to call him to wish him good luck (he may need it).

--While we of course are saddened at our losing the battle to control Dell, it certainly makes the loss a lot more tolerable in that as a result of our involvement, Michael Dell/Silver Lake increased what they said was their "best and final offer". As a result of this increase all stockholders are to receive many hundreds of millions of dollars more than the board originally accepted.

--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."

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