Stephen Percoco, CFA
Oct. 21, 2013, 5:25 PM
Aug. 2, 2013, 9:44 AM
- 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.
Aug. 2, 2013, 9:10 AM
Jul. 31, 2013, 10:27 AM
- A source tells Reuters Michael Dell and Silver Lake see their LBO bid collapsing unless the special committee agrees to ignore abstained votes The committee just announced it won't do it, at least not for a $13.75/share offer.
- Dell (DELL -2.8%) is down to $12.50, a price that reflects both deal pessimism and concerns about its PC business in the face of plunging consumer demand (offset some by recent share gains).
Jul. 31, 2013, 9:03 AM
- The special committee of Dell's (DELL) board rejects Michael Dell/Silver Lake's offer to raise their bid to $13.75 in exchange for an alteration in voting rules
- The board will consider a new date for a vote on a $13.75 deal, but only under current rules in which abstentions would be counted as the equivalent of "no" votes.
- The alternative is to proceed with a vote as planned on August 2 for the existing $13.65 offer.
- Shares -1.3% premarket to $12.69.
Jul. 24, 2013, 8:41 AM
Michael Dell and Sliver Lake's boosted offer (a dime) for DELL is more or less an admission they don't have the votes for their original proposal, and comes with a catch - the board's special committee must change the voting rule so abstentions are no longer factored into the final vote, which has now been postponed again until August 2. One can imagine the steam currently coming out of Carl Icahn's ears. DELL +1.5% premarket to $13.05.| Jul. 24, 2013, 8:41 AM | 4 Comments
Jul. 24, 2013, 8:28 AM
Michael Dell and Silver Lake Management sweeten their proposal to buy Dell (DELL), boosting their offer $0.10/share to $13.75 in what they say is their "best and final proposal." If approved by shareholders, the new bid would end the fight between CEO Dell and Carl Icahn, who has tried to derail the deal by proposing the company repurchase most of the outstanding shares at $14 each. DELL +3.1% premarket.| Jul. 24, 2013, 8:28 AM | 5 Comments
Jul. 18, 2013, 8:57 AM
The DELL deal does not yet have enough votes to pass as of early this morning, reports Reuters. Shares +1.8% premarket.| Jul. 18, 2013, 8:57 AM | 1 Comment
Jul. 5, 2013, 11:50 AM
Michael Dell and Silver Lake are ruling out hiking their offer for Dell (DELL -3.8%), Bloomberg reports. Shares have fallen to $12.80, more than 6% below the $13.65/share LBO price. They were already lower thanks to a report Silver Lake's commitment to the deal is wavering.| Jul. 5, 2013, 11:50 AM | 2 Comments
May 23, 2013, 11:11 AM
The broad selloff isn't touching H-P (HPQ +14.2%) following last night's earnings. Jefferies' Peter Misek weighs in with an upgrade from Sell to Hold. He praises H-P for having the discipline to sacrifice PC market share to retain profitability (unlike DELL; Whitman (transcript): "Maybe that's what you do when you're about to go private.") Misek also likes the cash flow guidance of $7.5B - "(it) materially changed our view of H-P margin, cash flow, and EPS prospects."| May 23, 2013, 11:11 AM | 2 Comments
Apr. 19, 2013, 3:58 PM
Apr. 19, 2013, 7:26 AMDELL falls 2.5% to $13.60 after Blackstone informs the computer-maker's board it isn't interested in pursuing a bid for the company that may have topped Silver Lake and Michael Dell's $13.65 offer. Blackstone's exit speaks to doubts about the future of the PC industry as well as its inability to figure out how to get ahold of Dell's overseas cash hoard without incurring a large tax bill. | Apr. 19, 2013, 7:26 AM | 3 Comments
Apr. 10, 2013, 4:52 PM
Mar. 25, 2013, 7:12 AM
Mar. 18, 2013, 7:25 PM
Mar. 6, 2013, 2:28 PM
Carl Icahn has taken a 6% stake in Dell (DELL +0.9%), CNBC reports. Shares have jumped to $14.25 on the news, putting them 4.4% above Dell's $13.65/share LBO price. If the report is true, Southeastern Asset and other shareholders fighting for a higher bid just got themselves a big ally. (earlier)| Mar. 6, 2013, 2:28 PM | 4 Comments