Michael Dell Increases Offer for Company
Jul 24th 2013 4:41PM
Updated Jul 24th 2013 4:42PM
Michael Dell and technology investment firm Silver Lake have increased their offer to acquire Dell, , a special committee of the Dell board of directors announced today.
The new offer of $13.75 per share in cash comes on the day of the rescheduled special stockholders meeting. The stockholder vote on Dell's previous offer of $13.65 a share was convened on July 18 but was then adjourned without a vote. The board of directors said the delay was to allow more time in which to gather proxy votes.
In Michael Dell's letter with the new offer, he states that the latest terms are his group's "best and final proposal." The $0.10 share-price increase adds $150 million in value for Dell's unaffiliated stockholders, according to the letter.
Because of the revised offer, the special committee has once again adjourned the stockholders meeting without a vote and rescheduled it for Aug. 2.
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