“Blackstone Group LP (BX) is weighing a bid for Dell Inc. (DELL), the computer maker seeking offers to rival the proposed $24.4 billion buyout by its founder and Silver Lake Management LLC, said people with knowledge of the matter,” Serena Saitto and David Carey report for Bloomberg News.
“Blackstone may bid as part of a group including other investors, said one of the people, who asked not to be named because the process is confidential. The New York-based private-equity firm hasn’t made a decision, another person said,” Saitto and Carey report. “Under the go-shop provision of the Silver Lake merger agreement, Dell’s board has through March 22 to seek superior proposals, and can negotiate beyond that date if it receives an offer it deems serious.”
Saitto and Carey report, “Blackstone, Hewlett-Packard Co. and Lenovo Group Ltd. have inspected Dell’s books after signing non-disclosure agreements, people familiar with the matter said this month, while billionaire Carl Icahn has amassed a stake in Dell and is pushing the company to pay a special dividend… Icahn, who has also been conducting due diligence on Dell, this month asked the company’s directors to pledge they will implement his $9-a-share special dividend proposal if shareholders reject the Michael Dell-led offer. Otherwise, Icahn said, he will start a proxy fight and seek to replace the board with his own slate.”
Read more in the full article here.
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Andrew Bary: Michael Dell is trying to steal his company from public shareholders – February 5, 2013
Dell gives the money back to the shareholders, goes private in $24.4 billion deal – February 5, 2013
Michael Dell bristles when his beleaguered PC company is compared with mighty Apple Inc. – February 4, 2013
Apple now worth 38 times Dell’s market value – October 3, 2012