Sunday, 26 April 2015
Last updated 2 days ago
Jul 23 2013 | 2:42pm ET
Dell Inc. appears poised to postpone a shareholder vote on its proposed $24.4 billion private-equity-backed buyout as fissures emerge among the troubled computermaker's would-be owners.
Stockholders were to vote by last Thursday, but Dell adjourned the meeting until tomorrow, hoping to persuade skeptical investors to accept the deal. Some 22% of eligible shares were not voted by last week's deadline, and a further extension would indicate that the deal still lacks the necessary support.
Should the deal fail, it's not clear how much Silver Lake Partners, which is working with company founder Michael Dell to buy the eponymous company, would be entitled to. The p.e. firm believes it should get a $450 million breakup fee if an alternative plan pushed by Carl Icahn—a $14 billion share buyback program—succeeds within a year. Michael Dell and the special committee of Dell's board disagree, arguing that Icahn's plan isn't a competing buyout offer, and that Silver Lake would be entitled only to its expenses.
For his part, Icahn is keeping up his attacks on the deal in another open letter to the special committee, calling it "one of the most startling examples" of "unconscionable boards" of directors.
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…