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.
“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.”
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.
[Image via Agence France-Presse]
The dangers of Trump TV: MSNBC host hammers Fox News as ‘genuine public health threat’ amid pandemic
Tuesday night, Fox News decided that all anyone needed to do is to pump Americans with a Malaria drug and send them back to work to save President Donald Trump's economy.
Speaking Wednesday night, MSNBC host Chris Hayes bashed the conservative network for downplaying the seriousness of coronavirus, saying that they are "a genuine public health threat."
While Trump has advisers like Dr. Anthony Fauci, he also has the unofficial advisers he sees on Fox News.
They "are coalescing around the idea the whole thing is just overblown and we need to pump everyone full of the malaria drug and get them back to work. This is what you heard if you watch trump tv just last night," Hayes said. He then played clips illustrating exactly that, with hosts ranting and raving about the virus not being as serious as the flu.
‘Don’t let him rewrite history’: GOP ex-congressman slams Trump for painting fewer than 100,000 COVID-19 deaths as a victory
At Wednesday's coronavirus task force press conference, President Donald Trump reiterated his claim that if fewer than 100,000 Americans die from COVID-19, it will be a victory for him.
Former Rep. Joe Walsh (R-IL) had none of it.
He ignored the warnings. He ignored the scientists & doctors. He refused to prepare. He lied about the virus. This country wasn’t ready. People got sick. People died. People lost their jobs. Because he cared more about himself than the country.
Don’t let him rewrite history. https://t.co/9snqoJ1VQI
Linda Tripp, central figure in Bill Clinton’s impeachment, dies at 70
Linda Tripp, a key player in the impeachment of President Bill Clinton, died Wednesday, The Washington Post reported.News of her illness was announced late Tuesday on Facebook by her daughter Allison Tripp Foley.“My mommy is leaving this earth. I don’t know myself if I can survive this heartache,” Foley wrote. “Please pray for a painless process for the strongest woman I will ever know in my entire lifetime, Linda Rausch. Dear friends and family, please direct all questions to Thomas Foley at this time. Dieter and I are both by her bedside.”Foley did not disclose the nature of her mother’s ill... (more…)