Wednesday, 23 July 2014
Last updated 6 hours ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…