Dell buyout vote delayed as more supporters are sought
Dell has announced an eleventh-hour delay to a shareholder vote on its founder Michael Dell’s $24.4bn (£16bn) offer to buy the computing giant.
The move gives it more time to secure support for the deal from proxy voters, although it was thought to have won over several large swing shareholders including BlackRock and Vanguard just before the vote was supposed to take place at the Texas HQ yesterday.
The vote will now take place next Wednesday. Mr Dell and his bidding partner, Silver Lake, have spent five months trying to persuade investors to approve the proposed buyout. The board backs his plan but it has run into opposition from the billionaire Carl Icahn, who believes the $24.4bn (£16bn) offer undervalues the company.
About 300 shareholders attended yesterday’s meeting, and many more had already cast proxy votes. Shareholders are allowed to change their votes until polling closes.
Dell’s sales and share price have been falling as consumers switch from laptops and desktops to mobiles and tablets, and Mr Dell argued that it had a better chance of a successful turnaround if it was taken private.
But Mr Icahn suggested that Dell buy back 1.1bn shares at $14 each, and offer shareholders the right to buy more Dell shares later.
- 1 Barbarians vs Samoa interrupted by sprinklers as fans criticise lack of Wi-Fi and poor seating at West Ham's Olympic Stadium
- 2 Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
- 3 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 4 Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
- 5 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Watch the Supermoon live: How to see the brightest Moon of the year tonight
Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Stock up on canned food for stock market crash, warns former Gordon Brown adviser
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...