Billionaire investor Carl Icahn (Carl Icahn) promised shareholders that the company will repurchase up to $ 1.6 billion in stock, if they join his campaign to stop personal computer maker Dell Inc. (DELL.O).
Time is running out Icahn. Next month, the company's shareholders will vote on whether to accept a $ $ 2.44 billion bid from the company's founder, Michael Dell and private equity firms Silver Lake, so far shareholders two Icahn's proposal reaction has been mixed .
Icahn has repeatedly said Michael Dell's bid undervalues ??the company. Last Tuesday in an open letter to shareholders Icahn to his latest proposal, asking them to vote in new directors, they will in turn approve the Dell $ 14 per share stock buyback. Dell and Silver Lake bid $ 13.65 per share.
Southeast, which has been the company's largest independent shareholder, Icahn sold nearly $ 10 billion of Dell's stock price $ 13.52 dollars, making him the company's largest foreign investor. Southeast and Icahn, together hold about 13 percent of Dell's shares, has agreed to sell its shares in the tender offer, Icahn wrote in the letter.
Dell's 5.2 billion dollar financing debt financing, $ 750 million dollars in cash in the Dell and 2.9 one billion U.S. dollars through the sale of Dell receivables, leaving about $ 490 million U.S. dollars in cash available for the ongoing acquisition of Dell's business offer, Icahn wrote.
Dell's Board of Directors Special Committee, which is Dell offers, says it is reviewing the latest "concept put forward," Icahn, but in its present form, it can recognize or enforce a transaction.
Board of Directors, said: "There is neither financing nor any party involved in any commitment, nor any company and its shareholders remedies, if the transaction is not perfect, in a statement, adding that before the proposed Ichan information, previous request is still outstanding.
Icahn's fight with the world's third largest PC maker has been intense and persistent.
Dell encounter, as the global PC industry has slowed. Michael Dell and the company's executives believe in computers and computer manufacturers need to put themselves into a big company like IBM technical advisor - best to do a transformation as a private company has no future. Icahn, southeast, and other major investors say Dell's plan shortchanges major shareholders and benefits from his college dorm who started the company in 1980, Michael Dell.
Dell's special committee to make a statement, June 5 Challenge activist investor Icahn said almost $ 400 million short-term need for funds, he suggested that a special dividend of $ 12 per share in cash.
But Icahn said on Tuesday that a large investment banks have expressed willingness to provide $ 160 million U.S. dollars and Icahn and his affiliates will provide $ 200 million, if necessary.
Icahn told CNBC cable television network in the May 10, investment bank Jefferies will help bridge loans needed to finance his contract.
Board committees estimates, Icahn's proposal does not consider in advance of Dell's debt service, the expected cash flow shortages and a variety of terminals and other related costs, Michael Dell / Silver Lake transaction.
In May this year, Icahn and Southeastern had made an agreement that will allow them to shares owned by each shareholder in cash $ 12, and let them keep their own stock. In March, Icahn made a $ 15 per share, Dell's 58%.
 



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