Wednesday, 26 April 2017
Last updated 1 day ago
May 31 2013 | 12:19pm ET
Dell Inc. has set a vote on the $24.4 billion buyout led by its founder and Silver Lake Partners, urging shareholders to approve it.
Dell said that the sale to Michael Dell and Silver Lake "is the best possible alternative" and superior to the only other one on the table, a leveraged recapitalization proposed by Carl Icahn and Southeastern Asset Management. Investors will vote at a July 18 meeting; it requires a simple majority of shareholders to win approval.
Dell himself owns 15.6% of the computer-maker. Icahn and Southeastern control about 11.5%.
Dell said that the buyout "shifts very substantial risks to the buying group," as opposed to Icahn's plan, which would leave investors to bear those risks.
Icahn did not immediately comment on the move. Dell has in recent weeks sought more information from him. Icahn has threatened both litigation and a proxy battle if he does not get his way.