Tuesday, 21 October 2014
Last updated 7 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...