Seeking Alpha

Bernstein and Maxim have downgraded Dell (DELL +0.4%), citing risk/reward concerns. Bernstein...

Bernstein and Maxim have downgraded Dell (DELL +0.4%), citing risk/reward concerns. Bernstein thinks there's "a small risk" the LBO gets scuttled thanks to opposition, and Maxim believes the current offer is "within 10%" of a threshold beyond which the deal no longer makes sense to the LBO consortium. Dan Primack notes the deal requires 42% of shareholder votes (on top of Michael Dell's) to pass - institutions controlling 14% have signaled their opposition, and none have given their support. (earlier)
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