Fri August 2, 2013
Dell Vote Delayed Again: New Deal Includes Higher Offer, Voting Changes
A Dell Special Committee has reached a deal with founder Michael Dell. It raises his bid to buy the company by 10 cents per share but also changes some of the voting rules.
Instead of counting votes not cast as “no” votes, only votes that are submitted will be counted. This gives Michael Dell a better chance of getting his deal passed.
The vote is now scheduled for Sept. 12 at 9 a.m.
Dell shareholders were set to vote this morning on a $24.4 billion buyout offer from Michael Dell. Today marks the third time the vote has been delayed.
One major shareholder – billionaire investor Carl Icahn – filed a lawsuit in an effort to prevent the rule change and another vote delay. Ichan has said Dell's offer is too low.