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]
Cop says Alexandria Ocasio-Cortez should be shot following Trump’s racist targeting of The Squad
Following racist attacks on members of The Squad by President Donald Trump and his supporters, a police officer in Louisiana reportedly said that one of the congresswomen of color should be shot.
Trump has been lashing out at the four first-term congresswomen, who include Representatives Alexandria Ocasio-Cortez (D-NY), Ilhan Omar (D-MN), Ayanna Pressley (D-MA), and Rashida Tlaib (D-MI).
"A Gretna police officer posted a comment on his Facebook page this past week calling U.S. Rep. Alexandria Ocasio-Cortez a 'vile idiot' who 'needs a round, and I don't mean the kind she used to serve,'" NOLA reported Saturday.
‘Trump wants to start a race war’: Ex-advisor alleges his campaign planned ‘Send her Back’ chants
President Donald Trump is attempting to start a race war in America, a long-time advisor declared on MSNBC on Saturday evening.
Omarosa Manigault Newman was interviewed by Donny Deutsch on "Saturday Night Politics."
"You said could it happen here? It is happening here," Newman told Deutsch.
"As a woman of color watching him attack those four women, it made it very clear that Donald Trump is a clear and present danger to our democracy," she said.
"And everyone has been kind of tiptoeing what this actually is. Donald Trump wants to start a race war in this country and it started at that rally — it started with the tweets," she said.
CNN went to the heartland — and found voters who love AOC and The Squad: ‘The best thing ever’
CNN's Van Jones traveled this week to speak with a panel of Pennsylvania voters about the 2020 presidential campaign.
Jones also asked the panel about the schism in the Democratic Party between Speaker Nancy Pelosi (D-CA) and the members known as The Squad, who are Representatives Alexandria Ocasio-Cortez (D-NY), Ilhan Omar (D-MN), Ayanna Pressley (D-MA), and Rashida Tlaib (D-MI).
"You have Democrats fighting each other in the primary. Democrats fighting each other in the House. What do you think about the AOC versus Pelosi dynamic?" Jones asked. "How do you read that? How do you read that?"