Investor duo offers alternative Dell plan
Source: Agencies |
May 11, 2013, Saturday
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Print Edition
Print Edition
Activist investor Carl Icahn and Southeastern Asset Management Inc, two of Dell Inc's biggest shareholders, have proposed an alternative to a US$24.4 billion buyout deal led by founder Michael Dell.
In a letter to Dell's board on Thursday night, Icahn and Southeastern proposed that current owners keep their equity position. Additionally, they would have the option of receiving a distribution of US$12 a share in cash or US$12 a share in stock valued at US$1.65 a share.
The proposal is the latest twist in the saga involving the future of one of the world's largest personal computer makers, once a high flyer now struggling to evolve as people embrace smartphones and tablet computers.
Michael Dell and private equity firm Silver Lake want to take the company private for US$13.65 per share, making it the largest private equity-led buyout since the 2008 financial crisis.
Dell shares rose 0.5 percent to US$13.39 in early trade yesterday.
Icahn and Southeastern said in the letter it was "insulting to shareholders' intelligence for the board to tell them that this board only has the best interests of shareholders at heart.
"We are often cynical about corporate boards but this board has brought that cynicism to new heights."
Dell said in a statement that the special committee of the Dell board is reviewing the Southeastern Asset materials and will provide comment in "due course."
A Silver Lake representative declined comment.
In a letter to Dell's board on Thursday night, Icahn and Southeastern proposed that current owners keep their equity position. Additionally, they would have the option of receiving a distribution of US$12 a share in cash or US$12 a share in stock valued at US$1.65 a share.
The proposal is the latest twist in the saga involving the future of one of the world's largest personal computer makers, once a high flyer now struggling to evolve as people embrace smartphones and tablet computers.
Michael Dell and private equity firm Silver Lake want to take the company private for US$13.65 per share, making it the largest private equity-led buyout since the 2008 financial crisis.
Dell shares rose 0.5 percent to US$13.39 in early trade yesterday.
Icahn and Southeastern said in the letter it was "insulting to shareholders' intelligence for the board to tell them that this board only has the best interests of shareholders at heart.
"We are often cynical about corporate boards but this board has brought that cynicism to new heights."
Dell said in a statement that the special committee of the Dell board is reviewing the Southeastern Asset materials and will provide comment in "due course."
A Silver Lake representative declined comment.
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