Monday, 24 November 2014
Last updated 6 hours 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.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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