DALLAS - At the 11th hour, Dell founder Michael Dell raised his US$24.4 billion bid for the company's shares - though by less than 1 percent - as he seeks to take the company he created private with himself in supreme control.
|He is now pressing the board to change how it counts
shareholder votes to improve the odds of his buyout winning approval.|
The vote on the buyout was postponed for a second time to next Friday, to give
Michael Dell backers time to rally the shareholders. The first vote had been
slated for July 18 but was postponed as Michael Dell realised he was likely to
A special board committee yesterday was reviewing the CEO's slightly sweetened
$13.75 offer - and a requirement that a majority of votes cast be enough to
seal the deal, an easier threshold to meet.
But the committee wants at least $14 a share to even consider that change in
voting terms, one source told the Wall Street Journal. And Silver Lake, which
is backing Michael Dell's now roughly $24.6 billion bid, will not back an
increase to $14, according to the Wall Street Journal.