Daily News: June 19, 2013

Dell Committee Says Can’t Endorse Icahn’s Latest Offer

The special committee of Dell’s board of directors overseeing its go-private process responded back at investor Carl Icahn’s latest proposal in a letter to shareholders, saying, “Mr. Icahn’s concept is not, in its present state, a transaction that the special committee could endorse and execute – there is neither financing, nor any commitment from any party to participate, nor any remedy for the company and its shareholders if the transaction is not consummated. In addition, the concept does not adequately address the liquidity issues and other risks the committee previously highlighted.”

The committee went on to say, “More than a month ago, the committee requested financial and other information from Mr. Icahn and Southeastern in connection with their previous recapitalization idea. Those requests remain outstanding and are equally relevant to this latest concept. The committee will consider any and all such information provided by Mr. Icahn. However, in the absence of an actionable proposal that would create more value for shareholders, the Special Committee continues to recommend the pending, fully financed $13.65 per share cash sale transaction.”

Previously on abfjournal.com:

WSJ: Dell Proceeds With Buyout Effort, Friday, May 31, 2013