The committee essentially rejected a proposed offer from activist investor Carl Icahn because the offer may be insufficiently capitalized. A souring market for personal computers coupled with the risks associated with Dell’s transition to an enterprise solutions business led the committee to conclude that the Dell/Silver Lake offer was superior.
Michael Dell and Silver Lake have offered $13.65 a share in cash in a deal valued at $24.4 billion. Icahn’s offer included a $12 per share special dividend, boosting the potential per share offer by about $10 a share.
The board’s committee noted a “significant liquidity gap in the recapitalization proposed by Icahn/Southeastern that could reduce the promised $12.00 per share special dividend to $9.35 per share — and to $8.50 per share if Icahn/Southeastern are the only shareholders electing the equity stub instead of cash.”
In a presentation filed with the Securities and Exchange Commission, the board’s committee noted that Icahn and Southeastern Asset Management did not provide details of their offer and projected a $3.9 billion funding shortfall.
Dell’s shares are trading fractionally higher in the first half hour this morning, at $13.43 in a 52-week range of $8.69 to $14.64.
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
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