Wednesday, July 31, 2013

Dell Rejects Voting Rule Change Proposal From Buyout Group

The mergers and acquisition drama over at Round Rock-based Dell is continuing, as Dell said last night that it has responded to Michael Dell and Silver Lake Partners, saying they would be willing to accept an increased, $13.75 per share price--but would not accept a proposal to change the voting rules on the acquisition. The move comes as a number of shareholders--including Carl C. Icahn--have held back their approval of the acquisition deal, at its current $13.65 per share. Michael Dell and Silver Lake Partners increased their offer to $13.75, but only on condition that shares not voted will not count as "no" votes to the acquisition. The current $13.65 per share offer is expected to expire without enough votes due to opposition by Icahn and others.