Michael Dell and private equity firm Silver Lake Partners have once again increased their bid to buy computing giant Dell. Their new offer is $13.75 a share plus a special dividend of 13 cents a share.
Dell’s board has been fighting for some time over the future of the company. Michael Dell (pictured) and Silver Lake want to take the company private, but activist investor Carl Icahn has made his own offer. The Dell/Silver Lake deal values the company at about $24.9 billion.
Shareholders of Dell stock were supposed to vote today about whether to take the company private or not, but then Michael Dell and Silver Lake put in a last-minute bid. Shareholders are now planning to vote on Sept. 12.
Along with accepting the higher offer, shareholders would have to accept a Dell/Silver Lake proposal to change voting procedures. The two want to change the voting requirement for the merger so that only a simple majority of shareholders would be needed to approve the deal.