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Jul 24, 2013

Dell founder ups takeover bid based on voting rule change

By Poornima Gupta, Soyoung Kim and Greg Roumeliotis

(Reuters) – Dell Inc founder Michael Dell on Wednesday raised his $24.4 billion bid by $150 million but the sweetened offer is contingent on a key change to the shareholder voting rules that will make it easier for him to take the No.3 personal computer maker private.

The sweetened $13.75 per share bid by Michael Dell and private equity firm Silver Lake came hours before a rescheduled vote on the buyout proposal, which has drawn strong opposition from major investors including billionaire Carl Icahn and Southeastern Asset Management.

Jul 24, 2013
Jul 24, 2013
Jul 24, 2013

Dell shareholders convene again to vote on founder’s buyout

ROUND ROCK, Texas, July 24 (Reuters) – Dell Inc
shareholders converge on Texas on Wednesday to vote on CEO
Michael Dell’s $24.4 billion buyout offer for the company after
a previous meeting was pushed back a week in the hope of
convincing dubious investors to accept the deal.

A meeting called last week at Dell’s headquarters on the
outskirts of Austin was adjourned within minutes after the
company founder and his private equity partner, Silver Lake,
failed to secure enough votes to take the No.3 PC maker private.

    • About Poornima

      "Poornima Gupta writes about technology out of San Francisco, covering consumer and enterprise device makers Apple, HP and Dell. She previously spent five years in Detroit covering the crisis-ridden U.S. automotive sector that resulted in two of the biggest bankruptcy filings in the industrial world. She won a SABEW award for reporting on the failed merger between GM and Chrysler, and their negotiations with the federal government."
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