Items tagged with Silver Lake Partners
After penning an open letter to Dell's board of directors essentially telling the company to take or leave his "best and final offer" to acquire the company he founded, Michael Dell has gone back and revised his bid as part of a new agreement with Dell's special board committee, Dell said in a statement. Michael sweetened his offer by increasing the purchase price by a dime from $13.65 per share to $13.75 per share, providing a $0.13 per share dividend to shareholders, and a guarantee that the third-quarter dividend of $0.08 per share will be paid at or before closing. All of this equates to at least an additional $350 million over Michael's original $24.4 billion buyout offer. Not for nothing,...
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Michael Dell is apparently finished with negotiations and has made a final offer to Dell's board of directors to take control of the company he founded. In an open letter to shareholders, Michael reiterated that taking Dell private is, in his opinion, still the right thing to do. You also get the impression that he's frustrated the process is taking so long. "After one of the most thorough processes in history, the highest price that any of the parties was willing to pay was $13.65 per share," Michael stated in his letter. "Although no other party has offered to pay more than $13.65 per share, Silver Lake and I have now increased our offer to $13.75 per share, an increase to public shareholders...
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Michael Dell may have known it would be a challenge to take back ownership of the self-named company he founded so many years ago, but he probably didn't anticipate that the process would drag on for as long as it has. Even more unsettling for Micheal and Silver Lake Partners, the investment group that's backing the founder, is that after all this time and energy spent, Dell could remain a publicly traded company when all is said and done. To help make sure that doesn't happen, Michael increased his $24.4 billion takeover bid by another $150 million, however there's a caveat. He also wants the board to change the shareholder voting rules so that it will be easier for him to wrestle back control...
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