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Dell sets July 18 date for vote on founder’s buyout bid

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Dell’s special board committee reviewing a sale of the computer giant reaffirmed support Friday for a buyout led by company founder Michael Dell, and set a shareholder vote for July 18.

The panel said that “no superior offer has materialized” since the proposal was unveiled in February in which Michael Dell, with the investment fund Silver Lake Partners, would take Dell private in a $24.4 billion buyout.

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“Dell’s independent directors unanimously recommend that you vote to approve the transaction by voting ‘FOR’ the Michael Dell/Silver Lake merger agreement,” said a letter to shareholders.

“We carried out a rigorous sale process calculated to obtain the highest price available… 21 strategic and 52 financial buyers were contacted and a number of parties conducted diligence, although no superior offer has materialized.”

The panel said the buyout at $13.65 per share “is the best alternative available — in a challenging business environment it offers certainty and a very material premium over pre-announcement trading prices.”

An alternative plan was proposed by corporate raider Carl Icahn in which Dell would remain publicly traded but undergo a leveraged recapitalization with new management.

Icahn and other dissident shareholders, who hold around 13 percent of Dell shares, called the planned buyout a “giveaway.”

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But the Dell board committee said details of the bid were too vague, and declined to act further on the proposal without additional information.

The buyout would provide Michael Dell a chance to reshape the former number one PC maker away from the spotlight of Wall Street.

The move, which would delist the company from stock markets, could ease some pressure on Dell, which is cash-rich but has seen profits slump, as it tries to reduce dependence on the slumping market for personal computers.

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[Image via Agence France-Presse]


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Rick Santorum smacked down for claiming Sondland testimony helped Trump

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On Wednesday's edition of CNN's "Cuomo Prime Time," former Sen. Rick Santorum (R-PA) tried to argue that the testimony of E.U. Ambassador Gordon Sondland actually helped President Donald Trump — and was promptly challenged.

"I think the Democrats had a good morning. I don't think they had a good afternoon," said Santorum. "I think what when the Republicans actually started questioning Sondland about the details, I think it fell apart a little bit."

"How so?" asked Chris Cuomo.

"He said the president never said any of these things to him," said Santorum. "In fact, what the president said, he quoted what the president said is, no, there's no quid pro quo. What he says is, well, I'm surmising, this is what I'm just sort of gathering. Did anything come from the president? No, it came from Rudy Giuliani."

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Indicted Giuliani associate helped Nunes arrange meetings during his overseas trips to discredit the Russia investigation

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On Thursday, The Daily Beast reported that Lev Parnas, the Rudy Giuliani associate currently under federal indictment for campaign finance violations, helped Rep. Devin Nunes (R-CA) arrange meetings in Europe as part of his efforts to discredit the investigation of Russian contacts within President Donald Trump's campaign.

According to congressional records, Nunes, in his capacity as then-House Intelligence Chairman, visited Europe from November 30 to December 3, of last year, during which he was accompanied by three staffers — Derek Harvey, Scott Glabe, and George Pappas — at a taxpayer expense of over $63,000.

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Rick Wilson mocks GOP as impeachment witnesses ‘obliterate’ their talking points: ‘Dumber than a sack of hair’

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On Wednesday, as the House wrapped up another day of bombshell impeachment testimony from multiple foreign service officers, former GOP strategist and Never Trump conservative Rick Wilson mocked President Donald Trump and his Republican allies, pointing out that all of their major talking points to defend the president's conduct in Ukraine have been "obliterated":

1/ Hey committee Republicans! Have you noticed every single line of defense that you've mounted this week for the president has been utterly fucking obliterated?

Is this clear to you yet?

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