Silver Lake Posts
Dell founder Michael Dell and private equity firm Silver Lake has been chasing after a goal to take Dell Inc. private for the last 14 months. Michael Dell and Silver Lake has been working on convincing shareholders in the Dell Inc. to take the company private in a leveraged buyout (LBO). The deal got a bit stalled after Carl Icahn got involved in offering an idea of his own. This forced Michael Dell to increase his price.
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Billionaire activist investor Carl Icahn has made another major move towards his desire to keep Dell public and allow shareholders to decide whether to cash out at $15 per share or stay in the company. The opposing deal by Michael Dell is to take the company private. According to The Wall Street Journal, Icahn has bought 4 million more shares of Dell yesterday at a price of $12.94 per share, which gives him an 8.9% ownership of the company. Icahn now owns a total of about 156.5 million shares.
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Michael Dell and private equity firm Silver Lake Partners has increased their bid to buy out the Dell Inc. (NASDAQ:DELL), according to The Wall Street Journal. The bid is now $13.75 per share plus a special dividend of 13 cents per share. This now values the deal at about $24.9 billion.
Billionaire investor Carl Icahn is in the midst of a bidding war against Dell CEO and founder Michael Dell with his private equity partner Silver Lake. Yesterday Michael Dell upped the ante by raising his bid by $0.10 per share. Icahn decided to write a rhyme (Dr. Seuss style) on Twitter to express his opinion on the upped bid:
Dell’s shareholders have not voted today on a proposal to take the company private as part of a leveraged buyout arranged by CEO and founder Michael Dell. The meeting was adjourned without a vote taking place. A new vote will be scheduled in 6 days on Wednesday July 24th.