Dell: Vote delayed as higher offer made
A vote on the new proposal will now be held on 12 September because the company's founder reached a deal with a special committee to raise the price and change the vote-counting system.
The amended deal raises the purchase price from US$13.65 per share to US$13.75 and provides for a special dividend of 13 cents a share. It also guarantees that the third-quarter dividend of 8 cents a share will be paid on or before 12 September.
The voting system will be changed, from one in which non-voting shares were counted as "no" votes to one in which only those ballots which are submitted will be counted.
The previous system had put the Michael Dell-led consortium at a disadvantage.
Last week's deal marks the latest twist in an increasingly acrimonious battle for control of Dell, an iconic personal computer firm that is struggling to navigate the shift towards mobile technology.
Carl Icahn, who has led the opposition to Michael Dell, filed suit on Thursday last week (1 August) to block Dell from changing the terms for shareholder voting and accused the Dell board of breaching its fiduciary duty.
Source: AFP via I-Net Bridge
Source: I-Net Bridge
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