. Medical and Hospital News .




INTERNET SPACE
Dell postpones vote on go-private plan to July 24
by Staff Writers
New York City (AFP) July 18, 2013


Dell postponed a vote Thursday on a $24.4 billion go-private buyout plan amid opposition by major shareholders, creating new uncertainty for the former number one computer maker.

A Dell statement said the shareholder meeting on the plan, which opened briefly in Texas, was delayed until July 24.

"Today's special meeting of stockholders was convened and adjourned to provide additional time to solicit proxies from Dell stockholders," the statement said. "No vote was taken on the proposed transaction prior to the adjournment."

The plan announced in February aimed to give company founder Michael Dell a chance to revive the fortunes of the Texas-based tech firm without the pressures of a publicly traded company.

But opponents, galvanized by corporate raider Carl Icahn, have claimed the buyout at $13.65 dollars a share undervalues the company.

"The reason it was postponed was they didn't have the votes," said technology analyst Rob Enderle.

"That may motivate them to sweeten the deal, but it doesn't give people a lot of time to look at a new proposal."

Enderle said the opposition shareholders are taking a risk, because "if the deal fails, the stock will come down sharply, to around $8."

N. Venkatraman, professor of marketing at Boston University, said that "right now it's a high-stakes game of poker," and that the value to Dell could erode without the go-private plan.

"I think the most likely outcome is that both sides come up with a new price," he said, but added that "it is clearly dangerous" for investors to hold back, "because it's not clear if these investors have an alternate plan to run the company without Michael Dell."

Jack Gold, analyst at J. Gold Associates, said he believes "there is still more convincing that needs to be done."

"I think Dell needs to go private," Gold said.

"If I'm a shareholder I'm trying to maximize my value, but if the other side walks away, who is in the wings to rescue the company? I don't see how Dell shares can rise if this deal falls apart."

The Wall Street Journal reported Wednesday that holders of at least 30 percent of Dell were set to vote against the buyout. The plan required a majority of the shares excluding an estimated 16 percent held by Michael Dell and his affiliates.

Icahn proposed an alternate plan that would pay $14 per share for up to 71 percent of Dell stock, and recently sweetened the deal by adding one warrant for every four Dell shares, entitling the holder to one share of Dell at $20.

But Dell's board and others contend Icahn lacks financing for such a plan and that it would do little to help foster a turnaround.

Enderle said Icahn's offer was "a smoke-and-mirrors thing" and that investors would be mindful of his meddling in Yahoo! several years ago.

"The last time we saw him muck around with tech it didn't end well," Enderle said.

Icahn is backed by the investment firm Southeastern Asset Management. Another financial firm, T. Rowe Price, has also indicated it would oppose the buyout.

Pzena Investment Management, which owns some 6.7 million shares, said in a statement it was prepared to vote against the buyout.

In a statement after the postponement, Icahn and Southeastern called on the Dell board and special committee "to act in the best interest of stockholders and move Dell forward," without elaborating.

Earlier this week, the two investors said they believe the go-private plan "substantially undervalues Dell and that stockholders should be entitled to choose to retain the upside potential of their Dell shares."

Dell's board contends the company needs to make radical changes to keep up with a shift to mobile computing.

Dell shares rose 1.86 percent to close Thursday at $13.12.

.


Related Links
Satellite-based Internet technologies






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Get Our Free Newsletters
Space - Defense - Environment - Energy - Solar - Nuclear

...





INTERNET SPACE
iPhone sales 'stalling' as rivals gain: survey
Washington (AFP) July 17, 2013
Apple's iPhone sales are sputtering as rival smartphone makers ramp up their offerings, a market research firm said Wednesday. The survey by IHS iSuppli said smartphones are still going strong around the world, but that Apple is lagging. "Apple's iPhone franchise appears to be stalling as first-quarter shipments of 37.4 million fell below expectations," the report said. "With the nex ... read more


INTERNET SPACE
Fukushima steam still baffling: TEPCO

NASA Technology May Breathe Life, Safety Into Mines

Man who battled Fukushima disaster dies of cancer

Fukushima radioactive groundwater readings rocket

INTERNET SPACE
Lockheed Martin Delivers Antenna Assemblies For Integration On First GPS III Satellite

Lockheed Martin GPS III Prototype Validates Test Facilities For Future Flight Satellites

Distorted GPS signals reveal hurricane wind speeds

GPS System Improved as New Boeing Satellite Enters Service

INTERNET SPACE
Brain signal said to create inner 'voice' we hear even if we're silent

Genetic evolution seen in peoples living at high altitudes

China island centenarians claim secret of long life

Did Neandertals have language?

INTERNET SPACE
Phytoplankton social mixers

Boldly illuminating biology's 'dark matter'

Insect discovery sheds light on climate change

Snakes Devour More Mosquito-Eating Birds as Climate Change Heats Forests

INTERNET SPACE
China H7N9 bird flu toll up to 43: govt

Second door discovered in war against mosquito-borne diseases

H1N1 flu outbreak in northern Chile kills 11

HRW calls on Greece to repeal 'abusive' HIV regulation

INTERNET SPACE
Beijing envoy, Hong Kong lawmakers in landmark talks

China's richest man says wealth gap not a priority

Alibaba's Ma draws ire over Tiananmen comments

China detains lawyer in 'crackdown' on activists

INTERNET SPACE
Mexican generals freed after cartel charges dropped

Mexicans turn to social media to report on drug war

Sydney customs officers ran drugs ring, report says

New Moldova P.M. Leanca says country remains on pro-EU course

INTERNET SPACE
FDI into China climbs in first half: government

China to lift lending rate controls: central bank

China on course to beat govt growth target: IMF

Outside View: Easy money, the opiate of the U.S. economy




The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement