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Icahn criticizes Dell for vote rule change on proposed deal |
July 29, 2013
The takeover bout for Dell resumed on Monday, with investor Carl Icahn sounding off on the proposal from Michael Dell and Silver Lake Partners to change rules governing the shareholder vote for a revised bid to take the PC maker private.Company founder Michael Dell and his buyout partner, Silver Lake, last week offered shareholders US$13.75 per share for the company, an increase from the $13.65 proposed in February. As part of the revised offered, the parties proposed a change in the shareholder vote in which only "yes" or "no" votes will be counted, and non-votes or abstentions will not count.Icahn on Monday urged Dell's board not to support the proposed shareholder vote change as it could disenfranchise voters."The plain and simple fact is that Michael Dell and Silver Lake have underestimated the extent of stockholder opposition to the Michael Dell/Silver Lake transaction and are unwilling to pay fair value to obtain approval of their interested-party freeze-out transaction," Icahn wrote in a statement.To read this article in full or to leave a comment, please click here
Link: http://www.pcworld.com/article/2045487/icahn-criticizes-dell-for-vote-rule-change-on-proposed-deal.html#tk.rss_all
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