Michael Dell Increases His Takeover Offer, As Dell Inc. (DELL) Shareholder Vote Gets Rescheduled Again

 @natrudy
on July 24 2013 3:06 PM
Michael Dell
Dell founder and CEO Michael Dell displays a Dell tablet computer during his keynote address at a conference in San Francisco Reuters

Dell Inc. (NASDAQ:DELL) founder Michael Dell hiked his takeover offer for the company to $13.75 per share on Wednesday, up 10 cents, as a shareholder vote on the acquisition was rescheduled yet again, reports the New York Times.

However, a special committee of Dell directors has said it wants at least $14 per share, even though Dell said the offer likely stood as his best and final.

Dell’s bid also comes with special strings attached. He said the committee must change shareholder voting rules, so that shareholders who abstain from voting don’t count as a vote against a takeover.

The committee must also decide whether to accept the offer by 6 p.m. EDT on Wednesday, or the offer will expire. In a statement, the committee said it was evaluating the latest proposal.

Other shareholders vying for control of Dell include billionaire Carl Icahn, who owns the multibillion-dollar holding company Icahn Enterprises LP (NASDAQ:IEP).

“We believe these amendments are fair and in the best interests of the company’s unaffiliated stockholders and provide the best alternative to the special committee to maximize stockholder value,” said Dell and his investment associates in a letter on Tuesday. 

The next shareholder vote is scheduled for Aug. 2, at 2 p.m. EDT.

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