The latest, and reported final, proposal from Michael Dell
and private equity firm Silver Lake was rejected by Dell’s special committee.
The offer would have raised their
offer from $13.65 per share to $13.75 per share in exchange for a voting rules
change that would have excluded all abstentions , which currently count as
"no" votes.
Instead, the special committee offered
Mr. Dell and Silver Lake have two options: First, proceed with the shareholder
vote this Friday at $13.65 per share, or establish a new shareholder record
date on a vote at $13.75 per share.
The move by the committee is seen
as a way to get Mr. Dell and Silver Lake to raise their bid. The second option
allows Mr. Dell the time he may need to secure the votes in favor of the raised
bid.
There is no word from Mr. Dell or
Silver Lake on what option they will likely choose. The second option likely gives
them the best chance to secure the needed votes, however.