Michael Dell, in a statement, would only consider a buyout plan with Blackstone Group if the private equity guarantees that he remains as its CEO. This came about as he met with Chinh Chu and David Johnson, the Blackstone representatives overseeing the bid for Dell, over the weekend.
Dell is now using his 15.6% stake as leverage in order to retain his leadership position as the board reviews the bids made by Blackstone, Icahn and Silver Lake Partners.
What Dell did say is that if another bid is superior bid is accepted as superiod that his tabled bid, the erstwhile CEO would cash in his shares. This means that another US$4.5 billion would be sourced instead of contributed to the Dell's operations.
Dell spokesman David Frink could not be reached for comment on the matter. Neither did Peter Rose of Blackstone and Charlotte McCrum of Silver Lake spokesperson has declined to comment.
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