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Friday, August 02, 2013
Dell's Board Accepts Founder's Buyout Offer


Dell's board on Friday accepted a new buyout offer from founder Michael Dell. The latest proposal add a one-off payment of 13 cents a share to last week's $13.75 a share offer.

Michael Dell, together with investment firm Silver Lake, is trying to buy back the computer giant he founded in 1984. Shareholders had been due to vote on Friday on the offer, but the addition of the dividend means a new proposal has to be drafted and put to them. They will now vote at a special meeting on 12 September.

Michael Dell wants to reorganise the business which has been moving away from making computers and into providing technology services.

But some shareholders led by billionaire Carl Icahn, have been arguing that Mr Dell has undervalued the company. Icahn has an 8.7% stake in the company and is trying to take control of the company along with Southeastern Asset Management.

On Thursday, he began a legal challenge to Mr Dell's plans.


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