Monday, December 22, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Samsung Introduces SE790C Curved Monitor
Chinese Motion-sensing VR Glasses Coming On Kickstarter
Kodak Returns To CES With Consumer Product Line
North Korea Suggests Joint Inverstigation With U.S. Over Sony Hacking
T-Mobile to Pay $90 Million To Settle Case With FCC
New Trojan Targetted Banks Wordlwide
FBI Confirms North Korea Was Behind Sony Hack
Apple Responds To BBC's Allegations Over Working Conditions In Chinese Factory
Active Discussions
Digital Audio Extraction and Plextools
Will there be any trade in scheme for the coming PSP Go?
Hello, Glad to be Aboard!!!
Best optical drive for ripping CD's? My LG 4163B is mediocre.
Hi All!
cdrw trouble
CDR for car Sat Nav
DVD/DL for Optiarc 7191S at 8X
 Home > News > General Computing > Dell's ...
Last 7 Days News : SU MO TU WE TH FR SA All News

Wednesday, July 17, 2013
Dell's Board Keeps Backing The Company's Founder's Plan


The Special Committee of the Board of Dell has provided an update to board's shareholders regarding their evaluation of the various leveraged recapitalization transactions that Carl Icahn has proposed, including the most recent version put forth at the end of last week.

The basic concept that Mr. Icahn has proposed would be a $15.6 billion self-tender by Dell at a price for each share actually purchased of $14. Mr. Icahn and Southeastern Asset Management would agree not to tender any of their shares. On Friday, Mr. Icahn proposed that the tender price would also include, for each four shares purchased, one warrant to purchase an additional share at a $20 strike price. If these transactions were consummated and all stockholders other than Mr. Icahn and Southeastern tendered, each stockholder would be required to retain approximately 29% of his or her shares in the highly leveraged public company that would result, and would receive for each share held approximately $9.99 in cash and 0.18 warrants.

At various points, Mr. Icahn has asked the Special Committee to declare the transaction he has outlined a "Superior Proposal" under Dell's existing merger agreement or to withdraw their recommendation in favor of the Michael Dell/Silver Lake merger.

However, the Special Committee says that the financing Icahn has proposed cannot be accepted, as it is expressly conditioned on the election to the Dell board of all 12 nominees of Icahn and Southeastern. The Committee also claims that Icahn?s proposal cautions that his transaction might never be completed and offers no remedies in the event that he or his nominees or financing sources fail to consummate a transaction. And third, the committe does not identify neither a management team, nor a strategic plan or vision, on the basis of which theey could evaluate the value of the "stub" equity Icahn contemplates.

The Committee does not believe that Icahn?s proposal is superior to the certainty of value offered by a sale of the entire Company at $13.65 per share. The addition of warrants to Mr. Icahn's concept would, according to the analyses, be of modest value and that value would be offset in part by their dilutive effect on the stub equity held by the recipient. Further, on receipt, the entire value of the warrants would likely be taxable to the holder.

"..it is unfortunate Mr. Icahn continues to conduct his campaign by trying to discredit the Special Committee and accuse it of frightening Dell stockholders. Such accusations do a disservice to all of you. The Committee has studied a complicated situation with great care, balanced risks and rewards in a dispassionate manner and concluded the transaction you are being asked to vote for on July 18th is in the best interests of stockholders. It would be irresponsible if we did not share with all stockholders the reasons for our conclusions, the Committee concluded.


Previous
Next
Microsoft Asks U.S. To Disclose Security Requests        All News        Big Gains Forecast in Quarterly DRAM Selling Proces
Microsoft Asks U.S. To Disclose Security Requests     General Computing News      Yahoo Q2 Earnings Rise, Revenue Sinks

Get RSS feed Easy Print E-Mail this Message

Related News
Dell Introduces Venue 8 3000, Venue 8 7000, and Venue 11 7000 Series Tablets, New Converged System
Alienware To Release New New Area 51 Gaming Desktop, Graphics Amp
Dell Creates Virtual Smartphone
IFA: Dell Updates Its PC Portfolio
Computex: Dell Announces New Inspiron 2-in-1,Venue Tablets and All-in-One PCs
Dell to Use Recycled Plastics in PCs
Dell Unveils New Desktop Virtualization Solutions
New Dell Inspiron 5000 Series Laptops and All-in-One Desktops Coming This Week
Dell Introduces Latitude Rugged Extreme Lineup
Dell Offers Per-App VPN Access Controls For BYOD Mobile Workers
Microsoft and Dell Sign Patent Licensing Deal
Dell Acquires StatSoft to ADvance Its Big Data Solution

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .