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|13th May 2013, 06:50||#1|
Join Date: May 2010
Michael Dell sees more buyout challenges
Michael Dell and his Silver Lake cash cow pal have been dealt a potential blow in their bid to buyout Dell.
The pair, which looked like they had a clear run after rival investor Blackstone gave up on its
challenge to purchase the company, now face competition from Carl Icahn and Southeastern Asset Management.
The pair, two of Dell s largest shareholders, have proposed an alternative to the $24.4 billion plan laid out by Michael Dell and now want to take an additional $12 a share in cash or stock, claiming the Silver Lake/Michael Dell buyout significantly undervalued the company.
Dell hasn't had a good run of things of late, which was one of the reasons Blackstone could have pulled out of the bidding war.
The company saw a 14 percent drop in industry PC sales in the first quarter of 2013 and a forecasted operating income drop from $3.7 billion to $3 billion in the current fiscal year.
Shareholder interference has also meant that the buyout, which was predicted to be settled in February, has continued into this month with no sign of anyone signing on the dotted line.
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