![]() March 29 - Dell warns it will be dangerous to take on a lot of debt and remain public, calling the Blackstone and Icahn offers fraught with risk.Īpril 5 - Blackstone Group makes plans to begin an in-depth analysis of the company. March 25 - Icahn starts initial talks with Blackstone, opening the door to an alliance with the private equity firm.Īround this time, sources with knowledge of the various discussions taking place say both opposing parties are talking with potential CEO candidates to replace Michael Dell in the event their bids succeed. Under both proposals, Dell would remain a public company. Icahn offers about $15 per share for 58 percent, the first of several counter-offers designed to give shareholders an alternative to Michael Dell’s bid. Blackstone, which teamed up with Francisco partners and Insight Venture partners, offers over $14.25 per share for the entire company. March 22 - Blackstone and Icahn Enterprises send separate proposals to the special committee. March 11 - Icahn gets a confidential look at Dell’s books. He threatens a proxy fight and “years of litigation” if Dell rebuffs him. March 7 - Icahn demands that Dell pay $9 a share in special dividends and combine its annual shareholders meeting with a special meeting convened to vote on the CEO’s buyout offer. March 5 - Icahn informs Dell’s board he is a substantial shareholder, later revealing he owns $1 billion in stock. By the end of the week, some of the largest shareholders - Southeastern Asset Management, Harris Associates LP and Yacktman Asset Management and Pzena Asset Management - express opposition to the deal. Here are several of the major events that have transpired in the months-long battle that followed almost half a year of behind-the-scenes negotiationsįebruary 5 - Michael Dell and Silver Lake’s buyout offer is announced and a 45-day “go shop” period commences during which a special board committee solicits rival offers.įeb 8 - Opposition from major shareholders grows on the perception the $13.65 a share Michael Dell and Silver Lake offer undervalues the company. Sources say that, with the outcome increasingly uncertain, Dell’s board might postpone the vote, but no firm decision has been made. Major shareholder Southeastern Asset Management has teamed up with billionaire investor Carl Icahn to lead a charge against the deal with an offer of their own. The vote is expected to be close following disgruntlement among larger shareholders, who say his offer undervalues the company. Partnering with private equity house Silver Lake and Microsoft Corp, Michael Dell is offering $13.65 a share to take private the company he founded in a college dorm room in 1984 in what would be the biggest leveraged buyout since the financial crisis. 3 PC maker, Dell Inc, for $24.4 billion will be put to the test on Thursday, when shareholders gather in Round Rock, Texas, to cast their votes. (Reuters) - The proposal by Michael Dell and Silver Lake to buy out and take private the world’s No.
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