Feeds

Dell committee to Icahn: Show us the money

How exactly will you buy new shares for everyone?

Beginner's guide to SSL certificates

Dell's special committee has asked Carl Icahn and his investment partner Southeastern Asset Management for a bit more info on their plan to thwart Mike Dell's bid to take the firm private, while Icahn suggests himself for the board.

The committee, set up to look into Mike Dell's offer to take his company private for $24.4bn with the help of private equity firm Silver Lake Partners, said yesterday that it had asked Icahn and Southeastern for clarification on their plan to have the firm pay dividends and issue shares instead.

Last week, the Dell shareholders proposed giving $12 per share in cash or stocks to existing investors, rather than letting Mike Dell take the firm private.

"The Special Committee is seeking clarifications and additional materials from the Icahn and Southeastern entities in order to evaluate their non-binding proposal," it said in a filing with the SEC.

"While the Special Committee continues to oversee its process, we remain focused on our customers and on providing innovative products and solutions to help them succeed and better compete in the marketplace," it added.

The committee is looking for details of how Icahn and Southeastern will: finance their proposal; provide money in the form of working capital for Dell to use; and who they would want to form the senior management team at the firm after the transaction, among others.

Icahn and Southeastern already have some ideas about who they want at the top of Dell, proposing that Icahn himself should get a seat on the board. They also reckon that Jonathan Christodoro, MD at Icahn Capital, and Icahn Enterprises president Daniel Ninivaggi would be good picks, along with Bernard Lanigan, the chief exec of Southeast Asset Advisors. ®

The next step in data security

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.