Sunday, 3 May 2015
Last updated 2 days ago
Jun 6 2013 | 11:30am ET
Dell Inc. sharpened its criticism of Carl Icahn's proposed leveraged recapitalization of the company, telling investors that Icahn's proposal has a $3.9 billion funding shortfall.
The estimated gap means that Icahn and his partners, Southeastern Asset Management, would only be able to pay between $8.50 and $9.35 of the proposed $12 per share dividend that would give them control of the computer-maker. Dell last week set a vote on the $24.4 billion buyout led by founder Michael Dell and private-equity firm Silver Lake Partners, urging shareholders to support it.
Icahn's offer is "unrealistic" and would fund the dividend with Dell's cash and $5.2 billion in debt. But Dell said that Icahn has overestimated its liquidity, projecting $17.3 billion where there is only $13.4 billion.
Icahn has threatened a legal and proxy battle.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…