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Michael Dell Boosts Buyout Bid to $13.75 per Share; Delays Shareholder Vote to Aug 2

Dell just announces that Michael Dell and Silver Lake have boosted their bidding rate to $13.75 per share in order to get a hold of the company. While the special meeting for shareholders votes is delayed to August 2.

Jul 24 2013, 9:52am CDT | by

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Michael Dell Boosts Buyout Bid to $13.75 per Share; Delays Shareholder Vote to Aug 2
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Michael Dell Boosts Buyout Bid to $13.75 per Share; Delays Shareholder Vote to Aug 2

Michael Dell Boosts Buyout Bid to $13.75 per Share; Delays Shareholder Vote to Aug 2
Getty Images

In a deal that will end a six month feud between the CEO of Dell and Carl Icahn, Dell Incorporated will be bought by the owner and another company. Benjamin Franklin was right. You can catch more flies with honey than vinegar. So Michael Dell and Silver Lake Management have added some sweetener to their proposal to buy out Dell Incorporated. This they have done by up-sizing the rate by a solid 10 cents. That takes it from $13.65 to $13.75 per share.

The finalization of the deal in accordance with shareholder approval was delayed to the 2nd of August. If they vote in favor of the deal, the six month long vendetta that was being waged by Carl Icahn will hopefully come to an end. He was trying to throw a spanner in the works.

By re-purchasing the company he founded, Michael Dell wants to start all over again with a clean slate. The company was floundering and now it will be given a makeover. Meanwhile, Carl Icahn was unavailable for comment. This is the best and final bid by Michael Dell and Silver Lake Management to reach their cherished goal.

The privatization of Dell has been long in the waiting. But if this deal goes awry, it is the last time Michael Dell and his partners will be making a proposal. They have done all that lies in their power to acquire the company. No further capitulations would be made in order to assuage the appetite of the shareholders. 

The new raised buyout offer letter sent to the Dell group states, "This is our best and final proposal. We are not willing to discuss any further increase in the merger consideration nor are we willing to increase the merger consideration to $13.75 per share without the change to the Unaffiliated Stockholder Approval requirement. We believe our proposed change to the Unaffiliated Stockholder Approval requirement is fair and reasonable to the Company’s unaffiliated stockholders, particularly in the context of our willingness to increase the merger consideration."

 

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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