Rejection of Michael Dell's
24.4-billion-dollar bid to take Dell Inc private would severely
weaken the company, he warned Friday.
Dell hopes to take the company that he founded private in order to transition it from a PC-maker to a company that offers services and solutions to enterprise customers.
He faces stiff competition from buyout specialist Carl Icahn, who has proposed a leveraged buyout that would keep the company public. Shareholders are due to vote on the competing proposals on July 18.
In a presentation released by the company, Dell said that the company he founded in 1984 needs to go private to succeed in a transition, as its current focus on PCs was threatened by the rise of smartphones, tablet computers, cloud computing and low-cost competitors.
"Completing Dell's transformation as quickly as possible is essential," Dell said in the presentation released by the company. "Accomplishing Dell's transformation is more challenging as a public company."
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