This just keeps getting weirder and weirder. The news is breaking that the special committee that is tasked with saying yes or no to the privatization of Dell has accepted a revised offer from Michael Dell:
The company said on Friday that it has agreed to Dell’s recently announced $13.75-per-share offer. The parties have also agreed to a special dividend that will be paid to shareholders at or before closing of 13 cents per share. The third-quarter dividend of 8 cents per share, which was already in place, will also be paid. All told, as much as $470 million in increased value is represented in the new deal.
There’s one other thing:
By accepting the deal, Dell’s board has pushed off the vote that was supposed to be held today to determine if the company should go private to September 12. Carl Icahn, who has been a vocal critic of the deal, which would bring Dell private and put it firmly under the control of its founder, filed a lawsuit yesterday trying to make the company hold the vote today on the initial offer. That has obviously not happened.
When that vote is held on September 12, it’ll have the full support of the company’s board. In his statement today, Mandl said that the Special Committee urges “all shareholders to support this transaction.”
Carl Ichan’s lawyers might have something to say about that. More on this as it develops.
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Breaking: Dell Special Committee Says Yes To Revised Deal
This just keeps getting weirder and weirder. The news is breaking that the special committee that is tasked with saying yes or no to the privatization of Dell has accepted a revised offer from Michael Dell:
The company said on Friday that it has agreed to Dell’s recently announced $13.75-per-share offer. The parties have also agreed to a special dividend that will be paid to shareholders at or before closing of 13 cents per share. The third-quarter dividend of 8 cents per share, which was already in place, will also be paid. All told, as much as $470 million in increased value is represented in the new deal.
There’s one other thing:
By accepting the deal, Dell’s board has pushed off the vote that was supposed to be held today to determine if the company should go private to September 12. Carl Icahn, who has been a vocal critic of the deal, which would bring Dell private and put it firmly under the control of its founder, filed a lawsuit yesterday trying to make the company hold the vote today on the initial offer. That has obviously not happened.
When that vote is held on September 12, it’ll have the full support of the company’s board. In his statement today, Mandl said that the Special Committee urges “all shareholders to support this transaction.”
Carl Ichan’s lawyers might have something to say about that. More on this as it develops.
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This entry was posted on August 2, 2013 at 11:18 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.