Dell Inc. has called on to its shareholders for the approval of a $24.4 billion worth of buyout. The offer was made by Founder/CEO Michael Dell last Friday. This was also supported by Silver Lake, a private equity firm, stating the bid is indeed a good strategic move.
Southeastern Asset Management along with its activist investor, Carl Icahn, gave Dell a counter offer. This was made last month allowing shareholders to be able to keep their shares. A special meeting is scheduled July 18 wherein Dell shareholders will vote over the said offer.
Dell sent out letters to its shareholders that stated changes in its dividend plans, possible modification of its business plan and the company selling to strategic buyers or spinning off parts in the market. However, the deal offered by Carl Icahn was never mentioned in the said letter.
Icahn also sent a letter of inquiry for more Dell information. He also requested an access for potential lenders. However, Dell declined.
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