Dell Won't Give Icahn More Info.

May 20 2013 | 12:24pm ET

Dell Inc. will not provide any more information about itself to Carl Icahn unless the investor and his partners provide the information it sought.

Earlier this month, Icahn and Southeastern Asset Management offered a competing proposal to Dell's existing deal, a $24.4 billion buyout by company founder Michael Dell and private-equity firm Silver Lake Partners. The special committee of Dell's board overseeing that proposed sale responded with a request for more information about Icahn's plans.

That information has apparently not been forthcoming, because the special committee has sent another letter to Icahn and Southeastern, saying it won't provide any further information until Icahn and Southeastern answer its questions, to enable it to determine whether their proposal—a $12 dividend to existing investors in cash or new shares—is "superior" to the Silver Lake deal.

"Please understand that unless we receive information that is responsive to our May 13 letter, we are not in a position to evaluate whether your proposal meets that standard," the committee wrote.

The letter follows a series of requests from Icahn's affiliates, including for data room access for a potential lender.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of