Dell works to up tracking stock offer

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

Dell (NYSE:DVMT) is working with investment banks to add more cash to the unpopular $21.7B tracking stock offer to win over reluctant shareholders, according to Reuters sources.

Carl Icahn has been the public face of pushback against the first offer, saying it transfers too much value to Michael Dell and co-owner Silver Lake. 

Sources say the new negotiations put the valuation between $120 to $130 per tracking share, up from the $l90 per share in cash plus Class C stock in the original offer. 

Dell needs the majority of holders to vote in favor of the deal with the vote scheduled for December 11. 

Dell shares are up 4% to $102.53. VMware (NYSE:VMW) is up 2.7% to $152.05.  

Previously: Report: Dell could increase tracking stock offer (Nov. 7)

Previously: Icahn: VMware worth $300 per share (Nov. 12)

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