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US: Dell drama heats up as latest offer calls buyout plan ‘insulting’

By  |  May 13, 2013

Shareholders of computer conglomerate Dell are being told to reject the planned buyout of the company by its founder Michael Dell as the latest bidder, an investor group lead by Carl Icahn, makes an offer. The group, which teams Icahn with Southeastern Asset Management and Silver Lake Partners currently holds a 13 percent stake in the company; it has described its offer as “superior” to the current recapitalization plan in a regulatory filing to Dell. The group has made its offer for $24.4 billion to take the company private. According to reports, the filing used “unusually harsh language” in its description of the current buyout plan, calling it “insulting to shareholders’ intelligence” and assuring that the investor group’s offer is superior. A special committee for Dell is currently reviewing the bid.

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