Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Icahn And Southeastern Comment On Dell's Decision To Delay Stockholders Meeting

Southeastern Asset Management Inc. and Carl Icahn issued a statement in response to the decision by Dell Inc. (DELL: Quote) to adjourn the company's Special Meeting to July 24, 2013.

"It is unfortunate, although not surprising, that Dell's Board and Special Committee have delayed the date of the Special Meeting at which stockholders can vote on the Michael Dell/Silver Lake freeze out transaction," Southeastern Asset and Carl Icahn said.

Southeastern and Icahn said in the statement that they believes that the delay reflects the unhappiness of Dell stockholders with the Michael Dell/Silver Lake offer, which they believe substantially undervalues the company. This is not the time for delay but the time to move Dell forward.

Southeastern and Icahn also said that the Michael Dell/Silver Lake transaction should be defeated and they urged the Dell Board to move quickly to hold the Annual Meeting when stockholders will have the opportunity to elect their slate of directors.

They said that their slate has met and unanimously supports their proposed Dell self tender offer and its implementation in accordance with their fiduciary duties. They also believes that their proposed Dell self tender offer has a total value to tendering stockholders of approximately $15.50 to $18.00 per share.

Southeastern and Icahn said they continue to recommend that fellow Dell stockholders vote the GOLD proxy card 'AGAINST' the Merger Agreement proposal, 'AGAINST' the Golden Parachute proposal, and 'AGAINST' the Adjournment proposal."

Earlier today, Dell announced that today's Special Meeting of Stockholders was convened and adjourned to provide additional time to solicit proxies from Dell stockholders. No vote was taken on the proposed transaction prior to the adjournment. The Special Meeting will reconvene on July 24, 2013. The record date for stockholders entitled to vote at the Special Meeting remains June 3, 2013.

In February, Dell agreed to be acquired and taken private in a $24.4 billion deal by the company's founder, Chairman and Chief Executive Officer Michael Dell in partnership with private equity firm Silver Lake.

Register
To receive FREE breaking news email alerts for Dell Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Two federal appeals courts have issued contradictory rulings over the federal government's ability to provide subsidies under Obamacare, suggesting that the future of President Barack Obama's healthcare law could once again end up in the hands of the U.S. Supreme Court. After ending the previous session modestly lower, stocks have shown a strong move back to the upside during trading on Tuesday. With the upward move on the day, the S&P 500 has reached a new record intraday high. A majority of Americans believe Israel is justified in taking military action against Gaza, according to the results of a new CNN/ORC International survey, although opinions about the amount of military force the Israelis have used are more divided.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.