Dell Delays Shareholder Buyout Vote
Dell postponed this week's scheduled shareholder vote on whether to accept the move by CEO Michael Dell and his financial backers to take the company private.
Michael Dell and investment firm Silver Lake are hoping shareholders will vote for his plan to pay $13.65 per share and take the company private. But activist investor Carl Icahn and private-equity firm Southeastern Asset Management have made a counteroffer and are battling Michael Dell for control of the company.
The shareholder vote was scheduled for Thursday, but it was pushed back to July 24 -- a move the company said was necessary to give shareholders more time to submit their proxies. Partners said the delay could mean the deal is falling apart and Michael Dell doesn't have the votes he needs to win. If nothing else, the postponement means continued uncertainty about the company's future.