The privatization of Dell has just turned ugly. Late yesterday, Carl Ichan who is not a fan of the deal proposed by Michael Dell went to court to make sure a vote scheduled for today goes ahead:
The lawsuit, filed in the Court of Chancery of the State of Delaware, seeks to prevent the computer maker from rescheduling a meeting set for Friday at which shareholders are expected to vote on a proposal by Michael Dell and partner, investment company Silver Lake, to buy out the company and take it private. The vote, which is set for 7 a.m. PT, has been delayed twice.
The lawsuit also seeks to prevent the company from changing the record date by which shares must have been purchased to be eligible to vote, according to a regulatory filing today. Icahn seeks an order blocking Michael Dell and his partners from voting any Dell shares acquired since February 5, when the company co-founder and his partners announced their buyout proposal.
Now News.com is trying to get Dell’s side of the story. When it appears, I’ll update this post. But needless to say, this has taken a very nasty turn.
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This entry was posted on August 2, 2013 at 10:54 am and is filed under Commentary with tags Dell. You can follow any responses to this entry through the RSS 2.0 feed.
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Ichan Sues Dell To Ensure Privatization Vote Takes Place Today
The privatization of Dell has just turned ugly. Late yesterday, Carl Ichan who is not a fan of the deal proposed by Michael Dell went to court to make sure a vote scheduled for today goes ahead:
The lawsuit, filed in the Court of Chancery of the State of Delaware, seeks to prevent the computer maker from rescheduling a meeting set for Friday at which shareholders are expected to vote on a proposal by Michael Dell and partner, investment company Silver Lake, to buy out the company and take it private. The vote, which is set for 7 a.m. PT, has been delayed twice.
The lawsuit also seeks to prevent the company from changing the record date by which shares must have been purchased to be eligible to vote, according to a regulatory filing today. Icahn seeks an order blocking Michael Dell and his partners from voting any Dell shares acquired since February 5, when the company co-founder and his partners announced their buyout proposal.
Now News.com is trying to get Dell’s side of the story. When it appears, I’ll update this post. But needless to say, this has taken a very nasty turn.
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This entry was posted on August 2, 2013 at 10:54 am and is filed under Commentary with tags Dell. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.