Michael Dell Strikes New Deal With Board
Is Michael Dell gaining the upper hand in his efforts to take Dell, the computer maker, private? This week Michael Dell and investment partner Silver Lake inked a deal with the Dell special committee overseeing the buyout vote, agreeing to raise his offer to $13.75 a share and adding a special dividend of 13 cents per share.
CEO Dell is battling to take the company private in an offer valued at more than $24 billion. But activist investor Carl Icahn, who opposes the deal, has blocked his efforts.
The shareholder vote, scheduled for Aug. 2, has been delayed until Sept. 12. Earlier in the week Icahn sued in an effort to hold the vote Aug. 2. But with his enhanced offer and new agreement with the special committee, Michael Dell might be gaining the upper hand.