CEO Michael Dell and his group have reached a deal with the Dell Special Committee on voting rules to take the company private — the actual vote, however, will not take place until September 12th, says Bloomberg.
What all that means is that Carl Icahn, the billionaire hedge fund manager attempting to take over the company for himself, may be completely out of luck.
The voting rule Michael Dell wanted to change was one that counted absentee shareholder votes as “no” votes to his deal. There has a been a serious lack of shareholder participation in this vote (thus the delays) and so that rule was really working in Carl Icahn’s favour.
Yesterday, Icahn sued Dell and his group to stop them from changing the rule, but apparently so far that isn’t making an impact.
To get this change Michael Dell and his partners (specifically private equity firm Silver Lake) agreed to up their offer for the company to $US13.88 a share including a special 13 cent dividend for shareholders.
We’ll keep you updated.