Silver Lake sued in Delaware on Sept. 21, naming Carl Icahn and hedge funds and seeking to bar appraisal claims by investors who bought Endeavor shares after the 2024 buyout announcement. Endeavor went private in 2025 at $27.50 a share; the deal’s equity value was $13 billion.
Delaware appraisal law lets eligible shareholders ask the Court of Chancery to set a fair value that may be higher or lower than the merger price. Silver Lake’s complaint says TKO stock rose after the announcement and appraisal-focused funds then bought Endeavor shares; some investors paid above $27.50. The firm argues post-announcement buyers should not qualify and says it could avoid hundreds of millions in extra payments if it wins.
Icahn’s separate class action alleges Endeavor management and Silver Lake breached fiduciary duties and diverted assets for insider profit; he did not seek appraisal. Silver Lake also alleges Icahn colluded with appraisal-focused funds, a claim Icahn and the funds denied, and accused some funds of failing to file required securities reports on their Endeavor acquisitions.
