Thursday, June 6, 2013

Icahn a bit short

According to a report in the NY Post a Dell Inc. special committee yesterday continued to back a buyout bid from CEO Michael Dell, saying a rival offer from Carl Icahn comes up a bit short — like $3.9 billion short.

Icahn and his partner, Southeastern Asset Management, hope shareholders turn down the founder’s $13.65-a-share offer in favor of their plan for a $12-a-share dividend.  But the board said Icahn had enough funding only to pay for a $9.35 dividend.  The committee, in a dour, 42-page regulatory filing, said the negative trends in the company’s core PC markets make the Michael Dell bid, backed by Silver Lake Management, the only way to go….

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