The special committee of the board of Dell announced that it has entered into a revised definitive merger agreement with Michael Dell and Silver Lake Partners that increases the aggregate value to unaffiliated shareholders by at least $350 million.
Reuters is reporting that Carl Icahn has sued Dell and its board in his latest attempt to derail a $24.4 billion buyout bid by the computer maker’s founder and CEO Michael Dell.
The Wall Street Journal reported that a special board committee of Dell rejected a request from Michael Dell to change the voting rules on his buyout offer.
Bloomberg reported that Michael Dell and Silver Lake Management increased their offer to buy Dell to $13.75 a share in an effort to win shareholder support.
Dell announced in a special meeting of stockholders was convened and adjourned to provide additional time to solicit proxies from shareholders. The committee will reconvene on July 24.
The Wall Street Journal reported that T. Rowe Price, one of Dell’s largest stockholders, said it opposes a proposed $24.4 billion buyout of the computer company.
Bloomberg reported that Carl Icahn, in a bid to force Michael Dell to sweeten his $24.4 billion buyout proposal for Dell, said he’ll increase his offer for the PC maker by adding a warrant.
The Wall Street Journal reported that investor Carl Icahn has raised more than $5 billion to finance his plan to recapitalize personal-computer maker Dell, a move he said should end speculation that the funds wouldn’t be available.
The Wall Street Journal reported that Dell chairman and CEO Michael Dell made a personal pitch to shareholders supporting the proposed deal to buy the company from public investors.
Dell reported fiscal 2014 first quarter GAAP net income was $130 million, down 79% from $635 million a year earlier. Dell said end user computing revenue was $8.9 billion, a 9% drop from the same quarter a year earlier.