Dell committee backs new offer, abstained votes to be ignored

|About: Dell Inc. (DELL)|By:, SA News Editor

Dell's (DELL +4.7%) special committee supports Michael Dell and Silver Lake's revised offer, which includes a $0.13/share special dividend to go with a $13.75/share purchase price, and a guarantee Dell's $0.08/share Q3 dividend will be paid.

The committee has agreed to change the date of record for the deal to Aug. 13 from June 3, and (more importantly) has changed the voting rules to ignore abstained votes. Only a "majority of disinterested shares actually voting on the matter" is needed.

Dell's special meeting has been adjourned until Sep. 12.

The deal's breakup fee has been lowered to $180M from $450M.

Dell shares have jumped, but are still trading a little below the deal's offer price.

Previous