Dell special committee recommends sale
3/6/2013 4:37:06 PM
(AP) Dell special committee recommends sale
ROUND ROCK, Texas
A special committee of independent board members at Dell has unanimously recommended the proposed $24.4 billion sale of the company.
At $13.65 per share, the offer represents a 37 percent premium to the company's average stock price "for the 90 days before rumors regarding the transaction surfaced," the company said Wednesday.
The decision comes the day after Dell's largest independent shareholder, Southeastern Asset Management, turned up the pressure to kill the deal, demanding that Dell provide a list of the company's other stockholders. Obtaining that information could help Southeastern rally support for a shareholder mutiny.
Dell's board announced plans last month to sell the company to founder and CEO Michael Dell and others, led by investment firm Silver Lake. If the sale is completed, it will end Dell's 25-year history as a publicly traded company and put Michael Dell in a position to engineer a turnaround without answering to shareholders.
Shares of Round Rock, Texas, company slid 5 cents to $14.02 in morning trading.