Home > Business > Business News
Thursday March 7, 2013 MYT 12:00:00 AM
Thursday April 18, 2013 MYT 1:21:26 AM
NEW YORK: A special committee of Dell Inc's board of directors said the pending sale of the PC maker was the best alternative for shareholders, despite opposition from its largest outside shareholder.
The committee, which had been analyzing Dell's situation for more than five months, said in a statement on Wednesday that it had "negotiated aggressively" to ensure shareholders got the best possible value in agreeing to founder Michael Dell's $13.65 per share offer to take the company private.
Other alternatives the special committee said it looked at besides a sale included a leverage recapitalization, changing the dividend policy, selling parts of the business and working with the company's current business plan.
The committee said that investment bank Evercore is still soliciting potential alternative proposals in a process that ends March 22.
But since the deal was announced, a steady stream of investors have said the price was too low.
On Tuesday, Dell's largest external shareholder, Southeastern Asset Management, demanded that Dell open its books, signaling it could become more active in opposing the offer.
Shareholders representing almost 14 percent of Dell shares, led by Southeastern with a stake of more than 8 percent, including options, have said they will vote against the proposed buyout. No. 3 shareholder T. Rowe Price has also spoken out against the deal. - Reuters
Tags / Keywords:
Copyright © 1995-2013 Star Publications (M) Bhd (Co No 10894-D)