News Column

Dell Postpones Takeover Vote

July 18, 2013
DEll

Dell on Thursday postponed a closely watched shareholder vote on a $24.4-billion sale of the company to founder Michael Dell, in a setback for the takeover plans.

The company said the vote would now take place on July 24, giving Dell and his private equity partner, Silver Lake, another week to secure additional support for their proposal to take the computer maker private.

However, according to the New York Times, several large investors, including Vanguard Group and BlackRock, are shifting their stance from opposition to the buyout offer.

The deal is opposed by two of Dell's biggest shareholders - investor Carl Icahn and the Southeastern Asset Management - who maintain that the company's founder is trying to steal back the firm on the cheap.

Dell is offering 13.65 dollars a share while his opponents are pressing for a price above 14 dollars. Dell claims that taking the company into private ownership is the best way to facilitate a restructuring that will enable the world's former top PC maker to navigate a long-term decline in sales of personal computers.


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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH


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