Seeking Alpha
 

Dell Inc. (DELL)

- NASDAQ
DELL is defunct since October 29, 2013. Acquired by Silver Lake Partners
  • Jul. 22, 2013, 10:15 AM
    Michael Dell and Silver Lake are at odds over the breakup fee the latter will receive if Carl Icahn's bid for Dell (DELL -0.9%) wins out, Bloomberg reports. Silver Lake thinks it deserves a $450M fee; M. Dell and the board only want to reimburse the P-E firm's expenses, at least unless Dell "is sold to a higher bidder and Icahn’s proposal doesn’t represent a superior takeover bid." Shares have slipped to $13.02 ahead of Wednesday's rescheduled vote. Bloomberg reported earlier this month Silver Lake's commitment to the deal was wavering; did Microsoft's FQ4 results (I, II) reinforce the firm's concerns?
    | Jul. 22, 2013, 10:15 AM | Comment!
  • Jul. 18, 2013, 9:21 AM
    Dell (DELL) adjourns its special meeting until Wednesday (July 24). A prior report indicated the special committee would postpone the meeting if enough votes had been tallied to thwart the LBO. Shares +1.6% to $13.09, still well below the $13.65 LBO price. (live blog) (previous)
    | Jul. 18, 2013, 9:21 AM | 2 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. 18, 2013, 4:01 AM
    Dell (DELL) is due to hold a shareholders' meeting this morning that will determine whether Michael Dell and Silver Lake will be successful in their $24.4B attempt to take the company private. It's all looking very close, with Vanguard, State Street (STT) and BlackRock (BLK) reportedly joining Carl Icahn in coming out against the deal. Michael Dell needs over 42% of shares to be cast in his favor to succeed; so far the opposition appears to have 30% plus 15% in absentee shares, which count as no votes. It's no wonder Dell is considering delaying the ballot.
    | Jul. 18, 2013, 4:01 AM | Comment!
  • Jul. 17, 2013, 5:36 PM
    Carl Icahn strikes an upbeat tone at the Delivering Alpha conference about his Dell (DELL -1.1%) efforts going into tomorrow's special meeting on the LBO. "Obviously we have some insights and we feel pretty good," says Icahn amid reports a number of big shareholders plan to vote "no." He also pulls no punches against Dell's board. "I’m a cynic about corporate democracy and boards ... But I’ve never seen one as bad as this." Icahn on Dell bear Jim Chanos: "I like Chanos, he’s a smart guy, but he’s missing something ... I think I have a much better record than he does." Dell's meeting starts at 9AM ET tomorrow. (previous)
    | Jul. 17, 2013, 5:36 PM | Comment!
  • Jul. 17, 2013, 3:59 PM
    Index fund giant Vanguard is expected to join the ranks of those voting "no" on the Dell (DELL -1%) LBO, David Faber reports. Meanwhile, Bloomberg joins AllThingsD in reporting Michael Dell and Silver Lake won't up their bid beyond $13.65/share. Shares are 5.6% below the offer price going into tomorrow's shareholder meeting. (previous)
    | Jul. 17, 2013, 3:59 PM | Comment!
  • Jul. 17, 2013, 9:41 AM
    Jim Chanos states on CNBC (video) he has been shorting H-P (HPQ) during its big rally, after covering much of his position following the Autonomy disclosure/write-down. He declares himself to be pessimistic about the IT giant's slumping services ops (citing the impact of cloud services) in addition to its PC/printing ops. Chanos adds he thinks Dell (DELL -1.3%) shareholders should take the LBO offer, even though he considers the LBO saga "great theater" and is at a loss to understand Michael Dell/Silver Lake or Carl Icahn's reasoning. "I don't get it. I mean, I really don't get it." Dell is opening lower in response to yesterday afternoon's reports. (previous)
    | Jul. 17, 2013, 9:41 AM | Comment!
  • Jul. 16, 2013, 6:47 PM
    Michael Dell and Silver Lake are "prepared to see [their] deal blow up" rather than raise their bid above $13.65/share, sources tell AllThingsD's Arik Hesseldahl. Concerns about Dell's (DELL) PC business and rising borrowing costs are said to underpin their reluctance to pay more. As it is, Bloomberg reported earlier this month Silver Lake's commitment to the deal was wavering. Meanwhile, a source tells Fortune's Dan Primack Dell's special committee believes ~15% of shares will qualify as absentees, which are effectively "no" votes. (previous)
    | Jul. 16, 2013, 6:47 PM | 6 Comments
  • Jul. 16, 2013, 11:31 AM
    Dell (DELL -1.4%) is thinking of delaying its July 18 shareholder vote on Michael Dell/Silver Lake's LBO offer, Bloomberg reports. A decision is said to be likely by Thursday morning if enough votes against the deal have been tallied to thwart it. The report comes amidst strong opposition to the deal from institutional investors, including perhaps now from BlackRock.
    | Jul. 16, 2013, 11:31 AM | 4 Comments
  • Jul. 16, 2013, 10:07 AM
    3.6% Dell (DELL -1%) owner BlackRock is seen voting against the LBO deal, David Faber reports. "Pretty soon the math gets tough for Michael." Shares are now 4.8% below the $13.65/share offer price; the official vote comes due in two days. (previous)
    | Jul. 16, 2013, 10:07 AM | Comment!
  • Jul. 15, 2013, 2:52 PM
    Major Dell (DELL -1.1%) shareholder T. Rowe Price says it remains an opponent of the LBO going into Thursday's vote. Several other top institutional holders have also joined Carl Icahn and Southeastern Asset in opposing the deal, in spite of the blessings given by proxy firms. David Faber reported on Friday the vote is "extraordinarily close." Dell shares are now 3.4% below the $13.65/share offer price. (earlier)
    | Jul. 15, 2013, 2:52 PM | Comment!
  • Jul. 15, 2013, 7:41 AM
    "We are today reviewing the 5th proposal from Carl Icahn," says the DELL board in a statement. "It is important to note that all of Mr. Icahn's various proposals require abandoning an all-cash transaction ... with a high degree of closing certainty." In the meantime, the committee continues to recommend the Dell/Silver Lake $13.65 cash offer. Votes are due by Thursday morning. (PR)
    | Jul. 15, 2013, 7:41 AM | Comment!
  • Jul. 12, 2013, 12:58 PM
    The Dell (DELL -0.3%) LBO vote is "extraordinarily close," says David Faber, citing multiple sources. Concerns the deal won't go through amidst opposition from Icahn and various institutions are a big reason why Dell trades at a 2.5% discount to the LBO offer price. Faber also estimates Carl Icahn's warrants add $0.75-$0.85/share in value to his tender offer ... assuming he can bring it to fruition.
    | Jul. 12, 2013, 12:58 PM | 5 Comments
  • Jul. 12, 2013, 9:46 AM
    As promised (I, II), Carl Icahn has added warrants to his $14/share Dell (DELL -0.2%) tender offer. Icahn's new proposal gives shareholders a warrant to buy Dell shares at $20 within the next 7 years, for every 4 shares tendered. Shares are nonetheless edging lower this morning. Investors vote on Michael Dell/Silver Lake's offer in 6 days.
    | Jul. 12, 2013, 9:46 AM | Comment!
  • Jul. 12, 2013, 3:28 AM
    Dell (DELL) shareholder Highfields reportedly intends to join fellow investors Pzena and Yacktman and vote against Michael Dell's $24.4B buyout offer. Together, the shareholders own almost 3% of the company. Their stance could raise questions about the influence of proxy advisory services ISS, Egan-Jones and Glass, Lewis, who have backed Michael Dell's offer. The CEO's strategy for turning the company around if it goes private reportedly includes boosting annual R&D spending from $1.1B and improving the sales force.
    | Jul. 12, 2013, 3:28 AM | Comment!
  • Jul. 11, 2013, 4:44 PM
    More on Dell: Icahn says his new bid for Dell (DELL) will include a ~$20/share warrant. He also takes aim at advisory firm ISS' claim that Michael Dell is "catching a falling knife" for shareholders with his LBO offer. "He’s not going in and catching a falling knife, that’s not what he does ... He’s a smart guy, why should he go and catch a falling knife?" (previous)
    | Jul. 11, 2013, 4:44 PM | 3 Comments
Visit Seeking Alpha's
Company Description
Dell listens to customers and delivers innovative technology and services they trust and value. As a leading technology company, we offer a broad range of product categories, including mobility products, desktop PCs, software and peripherals, servers and networking, services, and storage.... More
Sector: Technology
Country: United States