DELL
Dell Inc.NASDAQ
DELL is defunct since October 29, 2013. Acquired by Silver Lake Partners
  • Jul. 11, 2013, 4:24 PM

    "We're going to be coming up with a higher bid by tomorrow morning," Carl Icahn declares on Bloomberg TV regarding his Dell (DELL) M&A efforts. Shares +0.8% AH to $13.45, still below Michael Dell and Silver Lake's $13.65/share offer price, not to mention the $14/share price attached to Icahn's heavily self-funded tender offer. (previous)

    | Jul. 11, 2013, 4:24 PM | 6 Comments
  • Jul. 10, 2013, 4:51 PM
    More on Gartner: Shipments fell 4% Q/Q. Gartner thinks #1 Lenovo's (LNVGY.PK) PC share rose 180 bps Y/Y to 16.7%. #2 H-P (HPQ) is given a 16.3% share, +100 bps Y/Y; that's a turnaround from the 240 bps decline estimated for Q1. #3 Dell (DELL) comes in at 11.8% (+80 bps), #4 Acer at 8.3% (-310 bps), and #5 Asus at 6% (-80 bps). All other OEMs are at 40.8% (+20 bps). Apple (AAPL), which refreshed the MacBook Air in June, is given an 11.6% U.S. share -40 bps Y/Y. Lenovo saw weakness in China, offset by Americas/EMEA strength. H-P saw an Asia-Pac rebound. Gartner: "While Windows 8 (MSFT) has been blamed ... for the PC market’s decline ... it does not explain the sustained decline in PC shipments, nor does it explain Apple’s market performance."
    | Jul. 10, 2013, 4:51 PM
  • Jul. 10, 2013, 4:29 PM

    Global PC shipments fell 10.9% Y/Y in Q2 to 76M, estimates Gartner. That's nearly even with the 11.2% drop the firm estimated for Q1, and backs up recent analyst commentary (I, II). Gartner: "In emerging markets, inexpensive tablets have become the first computing device for many people." One bright spot: U.S. shipments fell only 1.4% Y/Y, and rose 8.5% Q/Q; Gartner thinks this was due to enterprise strength. EMEA shipments -16.8%, Asia-Pac -11.5%. Affected companies: MSFT, INTC, DELL, HPQ, STX, WDC, MU, AMD, NVDA. (IDC's Q1 data) (tablet forecast) Update: IDC estimates global Q2 shipments fell 11.4%, and U.S. shipments 1.9%.

    | Jul. 10, 2013, 4:29 PM | 2 Comments
  • Jul. 10, 2013, 1:23 PM

    Carl Icahn tries a new tactic in his increasingly uphill battle with Michael Dell and Silver Lake. In a new letter, Icahn suggests Dell (DELL +0.1%) shareholders unhappy with the $13.65/share offer LBO offer request a Delaware court appraise the bid, in the event the buyout is approved during a July 18 vote. Icahn observes M. Dell and Silver Lake could have to pay a $750M penalty in the event of an appraisal, something that would amount to a "material adverse change" in deal terms. Shares aren't budging. (previous)

    | Jul. 10, 2013, 1:23 PM
  • Jul. 9, 2013, 2:04 AM

    Dell (DELL) will reportedly continue meeting with investors this week as it looks to persuade them of the merits of Michael Dell's and Silver Lake's $24.4B buyout bid. The offer received a boost after proxy advisory firms Egan-Jones and Glass, Lewis joined ISS in recommending that shareholders back the proposal. However, opponents of the offer are also meeting Dell shareholders to persuade them to vote against.

    | Jul. 9, 2013, 2:04 AM
  • Jul. 8, 2013, 4:57 PM

    Pzena Investment (0.7% stake) joins Carl Icahn and Southeastern Asset in opposing Michael Dell/Silver Lake's LBO offer for Dell (DELL +3.1%), in spite of ISS' support for the deal. The firm is a long-time critic of the LBO attempt, and argued back in Feb. Dell is worth $25/share. Today's rally resulted in shares closing less than 2% below the offer price, as investors bet ISS' sway over index funds and other institutional buyers will help the deal pass.

    | Jul. 8, 2013, 4:57 PM | 2 Comments
  • Jul. 8, 2013, 6:46 AM

    Proxy firm ISS recommends shareholders of Dell (DELL) approve the leveraged buyout offer from Michael Dell and Silver Lake.

    | Jul. 8, 2013, 6:46 AM
  • Jul. 5, 2013, 12:14 PM

    More on Dell: In what might be a clear sign Michael Dell/Silver Lake aren't worried about Carl Icahn's heavily self-funded tender offer, a source tells Bloomberg a higher bid is being ruled out because the current one "represents a fair and significant premium" to where Dell (DELL -3.2%) would trade if the deal collapsed. Meanwhile, advisory firm ISS is reportedly "leaning against" recommending the deal ahead of a July 18 vote. A source close to Dell tells AllThingsD a "no" vote would "create a certain amount of chaos," with one possible outcome being a board containing both Icahn and Michael Dell loyalists.

    | Jul. 5, 2013, 12:14 PM | 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
  • Jul. 4, 2013, 3:51 AM

    Silver Lake, Michael Dell's (DELL) partner in his $24.4B bid to take Dell (DELL) private, is reportedly wavering in its commitment amid the firm's deteriorating performance and worsening debt markets. Meanwhile, several of Dell's largest investors have told the board to up the $13.65-a-share offer or risk shareholder rejection, or come up with a Plan B in case the proposal fails. Over $15 a share would probably be enough to win shareholder backing, says Dell investor Yacktman Asset Management.

    | Jul. 4, 2013, 3:51 AM | 1 Comment
  • Jul. 3, 2013, 9:27 AM
    Dell (DELL) -0.6% to $13.30 after Reuters reports the company's special committee has advised Michael Dell to up his bid to guarantee success in the face of Carl Icahn's efforts, but adds M. Dell "was non-committal" on doing so. Icahn's struggles in raising funds that don't come from himself or Jefferies could be leading M. Dell to play hardball. All parties are eying ISS' pending opinion on the $13.65/share offer, which could sway how index funds owning 16% of Dell shares vote. David Faber reported yesterday it "seems likely" ISS will oppose the deal.
    | Jul. 3, 2013, 9:27 AM
  • Jul. 2, 2013, 6:04 PM

    "I believe that Carl Icahn sincerely wants to buy Dell (DELL)  ... At the same time, I don't believe he has a shot at it," says CNNMoney's Dan Primack. $3.1B of the $5.2B in loan commitments secured by Icahn come from Icahn affiliates, more than the $2B he originally promised to provide if necessary. Primack: "Most lenders didn't want anything to do with [Icahn's] Dell deal ... And if lenders are saying no, why does he think equity holders will be any different?" Dell's closing price today suggests most investors are equally downbeat on Icahn's prospects. (earlier) (dealBreaker)

    | Jul. 2, 2013, 6:04 PM | 3 Comments
  • Jul. 2, 2013, 11:10 AM

    "According to the many sources I am speaking to, it is highly doubtful Dell (DELL +0.3%) is going to win the July 18th vote," says David Faber. He adds "it seems likely [advisory firm] ISS is going to go for [Carl] Icahn," who is fresh off securing $5.2B in loan commitments for his tender offer, and reports Michael Dell met with Icahn a couple weeks ago determine what price would be needed to make Icahn give up his efforts. Shares are edging slightly higher. (previous)

    | Jul. 2, 2013, 11:10 AM
  • Jul. 1, 2013, 12:36 PM

    Carl Icahn and Jefferies have finished lining up $5.2B in loan commitments for Icahn's Dell (DELL +0.2%) bid, Reuters reports. Icahn, who also plans to use Dell's $7.5B in cash and $2.9B in receivables to finance his $14/share tender for 62% of shares, is now planning to meet with shareholder advisory firm ISS to win its support. Reuters' report comes as the WSJ observes Michael Dell and Silver Lake are trying to figure out how to leverage Dell's overseas cash for their LBO bid without paying billions in taxes. Dell continues to trade below both Icahn and Silver Lake's offer prices. (previous)

    | Jul. 1, 2013, 12:36 PM
  • Jun. 28, 2013, 2:48 PM

    The PC industry kept struggling in Q2 following a 13% Y/Y shipment drop in Q1, says IDC. The firm thinks shipment growth improved a bit in April in Latin America and EMEA, but it adds "May growth has come in slower than April" for most top markets, which could lead Q2 shipments to be even worse than a May forecast for an 11.7% Y/Y drop. The industry is counting on the new form factors and battery life improvements enabled by Intel's Haswell CPUs, and the changes provided by Windows 8.1 to appease those unhappy with Windows 8, to get demand to stabilize. Companies in the crosshairs: MSFT, INTC, AMD, NVDA, MU, STX, WDC, DELL, HPQ.

    | Jun. 28, 2013, 2:48 PM | 6 Comments
  • Jun. 25, 2013, 4:27 AM

    Jefferies (JEF) has confirmed speculation it will help finance Carl Icahn's $14-a-share offer for Dell (DELL), launching a $5.2B covenant-lite loan package for the purpose.  A $2.2B, six-year term loan B-1 is guided at LIB+400 with a 1% Libor floor, and a $3B, 3.5-year term loan B-2 is guided at LIB+350 with a 75 basis-point Libor floor. Icahn will also use $7.5B of cash on Dell's balance sheet and $2.9B from the sale of receivables to held fund his proposed takeover.

    | Jun. 25, 2013, 4:27 AM | 1 Comment