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Battle over Dell acquisition stalls as committee seeks additional information from Icahn

Published May 13th, 2013 8:55PM EDT
Dell buyout: Ichan deal

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A special committee that is evaluating the offer from investor Carl Icahn and Southeastern Asset Management to acquire Dell is seeking additional information about the bid, Reuters reported. Icahn and Southeastern, two of Dell’s largest shareholders, offered a deal worth up to $21 billion in cash that would allow people who own Dell stock to keep their current stakes in the company. Shareholders would be given the option to receive either $12 per share in cash or $12 in additional shares valued at $1.65 per share. The offer counters a $24.4 billion bid led by Dell founder Michael Dell and private equity firm Silver Lake Partners to take the company private.

The committee asked Icahn to specify if his offer was “an actual acquisition proposal that the Board could evaluate” or if it was meant as an alternative offer if the sale to Michael Dell and Silverlake is not approved. The committee is also interested in learning more about Icahn’s relationship with Southeastern, how he plans to fiance the deal, his strategy and operating plan, and his proposed senior management team.

Dan joins the BGR team as the Android Editor, covering all things relating to Google’s premiere operating system. His work has appeared on Fox News, Fox Business and Yahoo News, among other publications. When he isn’t testing the latest devices or apps, he can be found enjoying the sights and sounds of New York City.