Silver Lake Sues Carl Icahn, Hedge Funds to Block Appraisal Claims on $13B Endeavor Buyout

Silver Lake sued billionaire Carl Icahn and dozens of hedge funds on September 21, 2026, in Delaware's Court of Chancery, seeking to block appraisal claims tied to its $13 billion, $27.50-per-share acquisition of Endeavor Group Holdings. The private equity firm argues the funds bought Endeavor stock after the 2024 deal announcement solely to pursue appraisal arbitrage, calling them "opportunistic arbitrageurs" rather than dissenting shareholders. A favorable ruling could shield Silver Lake from paying hundreds of millions of dollars in additional compensation. Endeavor's majority stake in TKO Group Holdings — owner of WWE and UFC — drove its appeal to appraisal funds after TKO shares climbed sharply. A hedge fund attorney declined to comment. Icahn, who did not file an appraisal case, separately filed a class action alleging Silver Lake and management breached fiduciary duties and diverted Endeavor assets to insiders. Silver Lake claims Icahn coordinated with the appraisal funds, an allegation he and the funds deny.