Dell Inc. (DELL) announced that the special committee of the board of directors of the company unanimously recommend that stockholders vote to approve transaction by voting "FOR" the Michael Dell/Silver Lake merger agreement at the Special Meeting of Stockholders, which is scheduled to be held on July 18, 2013.
The company said it has filed definitive proxy materials with the Securities and Exchange Commission or SEC in connection with a Special Meeting to approve a transaction under which Michael Dell, the company's Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake, will acquire the company for $13.65 per share in cash.
The offer price represents a premium of about 37 percent over the average closing share price during the 90 calendar days ending January 11, 2013, the day prior to when rumors regarding the transaction entered the marketplace.
Dell's special committee stated that its analysis led them to conclude unanimously that a sale to the Michael Dell/Silver Lake group for $13.65 per share is the best alternative available - in a challenging business environment it offers certainty and a very material premium over pre-announcement trading prices.
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