“Dell founder Michael Dell, along with his partner, investment firm Silver Lake, has decided to pay more to bring his company private,” Don Reisinger reports for CNET. “In a letter submitted to Dell’s board of directors, Michael Dell said that he and Silver Lake will now pay $13.75 per share in cash to bring the PC maker private. Dell and Silver Lake previously offered to pay $13.65 per share, meaning the new investment will net shareholders $150 million more than the $24.4 billion they would have received in the initial deal.”

Reisinger reports, “In order to get the higher price, however, Michael Dell has a requirement: a simple majority of shareholders will be all it takes to approve the deal. In the letter presented to the board of directors on Tuesday, Dell and his partners argued that the board’s allowance of a provision that shares that are not voted count as votes against the merger is ‘unfair,’ and Dell wants that changed.”

“The thorn in Dell’s side is activist investor Carl Icahn, who has been consistently critical of the founder’s offer. Icahn argues that the original deal undervalues the company. Icahn, who along with his partners owns a 13 percent stake in Dell, partnered with Southeastern Asset Management to offer shareholders $14 per share in cash, as well as a single warrant for every four shares they sell. That warrant can be redeemed at anytime in the next seven years for one Dell share at $20,” Reisinger reports. “The tenor of the letter Dell and his partners sent to the board indicates they’re becoming frustrated with the process. In the letter, the partners wrote that ‘this is our best and final proposal,’ adding that the company has until 6 p.m. ET tonight to make a decision or it will be withdrawn and terminated.”

Read more in the full article here.

MacDailyNews Take: On October 6, 1997, in response to the question of what he’d do if he was in charge of Apple, Dell founder and CEO Michael Dell stood before a crowd of several thousand IT executives and answered flippantly, “What would I do? I’d shut it down and give the money back to the shareholders.”

One November 10, 1997, Apple’s new Interim CEO (iCEO) Steve Jobs responded speaking in front of an image of Michael Dell’s bulls-eye covered face:

We’re coming after you. You’re in our sights.

Apple currently has over 6.5 times Dell Inc.’s total worth in cash.

Havin’ fun, Mikey?

Michael Dell

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