Feeds

Dell committee to Icahn: Show us the money

How exactly will you buy new shares for everyone?

Boost IT visibility and business value

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. ®

Build a business case: developing custom apps

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Gartner critical capabilities for enterprise endpoint backup
Learn why inSync received the highest overall rating from Druva and is the top choice for the mobile workforce.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.