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Dell CEO raises bid for company
2013-07-24 16:29:00| Telecompaper Headlines
(Telecompaper) Dell has received an improved takeover offer from founder and CEO Michael Dell and investment firm Silver Lake. This raises the price offered to USD 13.75 per share in cash, from USD 13.65 previously. The higher offer is dependent on a change in the shareholder vote terms to require only a simple majority to approve the deal, excluding Mr Dell and other shareholders affiliated with the bid and abstentions. The bidders said this is their final offer and it will not be increased again. The success of the bid led by the CEO has been in doubt after investor Carl Icahn formed an alternative consortium offering USD 14 per share, rising to as much as USD 15.5-18 with associated warrants. Due to the revised proposal, the company has delayed its planned shareholder vote on the takeover again, to 02 August. The special committee formed to evaluate the offers has not issued an opinion on Mr Dell's new bid yet, but previously it backed his proposal.
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