THE SPECIAL COMMITTEE overseeing Dell's takeover process has said that the firm's single largest shareholder Carl Icahn is trying to scare other shareholders.
Michael Dell's plan to take the company he founded private is scheduled to be voted on by the firm's shareholders tomorrow, however influential investor Carl Icahn has made a rival bid and campaigned ferociously against Michael Dell's offer. Now the Special Committee that is overseeing Dell's "go shop" period has said that Icahn is trying to scare investors and discredit the committee.
Icahn has said that the committee should conclude that his offer, which also has the backing of Southeastern Asset Management, is superior to Michael Dell's offer. Michael Dell's offer will take the firm private to turn the company into an enterprise IT vendor, while removing the pressures of quarterly financial reporting and stock price fluctuations. Icahn's plan will keep Dell as a publicly traded company, although it projects buying back a large percentage of the firm's common stock.
The committee said, "We wish to note that it is unfortunate Mr Icahn continues to conduct his campaign by trying to discredit the Special Committee and accuse it of frightening Dell stockholders. Such accusations do a disservice to all of you."
It continued, "We have taken extraordinary measures to ensure Mr Dell's neutrality and to leave the final decision with the disinterested stockholders. And for many months now, any party, including Icahn and Southeastern, has had and continues to have the opportunity to purchase the Company at a price higher than $13.65 a share. No such party has emerged."
Dell's shareholders are set to vote on Michael Dell's and Icahn's proposals tomorrow, with the committee still recommending Michael Dell's buyout proposal and ending its statement with a kick, saying, "We urge you to base your decision on the facts and not be misled by Icahn's self-serving accusations." µ
Pre-orders to begin on 9 September with release to follow on 16 September
Bunch of absolute DDoSers
You really, really, really can't say you weren't warned, like, a billion times
Where is your browser ballot now, citizen?