Silver Lake Technology Management LLC sued Carl Icahn and dozens of hedge funds in Delaware Chancery Court, seeking to prevent investors who bought Endeavor shares after the 2024 acquisition announcement from pursuing appraisal claims. Silver Lake announced the roughly $13 billion acquisition at $27.50 per share and completed it on March 24, 2025. About 150 million shares entered appraisal proceedings, valued at roughly $4.1 billion at the deal price. The case argues that appraisal-focused funds, which bought Endeavor shares after TKO Group Holdings stock rose, are using Delaware law opportunistically; the court has previously held that post-announcement buyers can bring appraisal cases. Silver Lake also accused some funds of failing to make required securities disclosures. Icahn separately filed a fiduciary-duty class action alleging that Endeavor management and Silver Lake benefited insiders, while Silver Lake accused Icahn of coordinating with appraisal investors. Delaware lawmakers recently tightened rules for certain shareholder lawsuits and corporate-document requests, contributing to increased interest in appraisal proceedings.