Posted on Saturday, July 20th, 2013 at 7:26 pm.
Dell delayed voting on founder and CEO Michael Dell’s plan to make the company private.
Voting was supposed to take place at a shareholders meeting at Dell’s headquarters in Round Rock, Texas on Thursday, July 18, but was rescheduled for Wednesday, July 24. The delay is considered a fundamental setback to Michael Dell and the board’s five-month long plan to convince shareholders to approve the buyout proposal.
Influencing the company’s decision to go private is the reality that the personal computer industry is not thriving as much as it has previously, with people opting to purchase the latest smartphones and tablets instead of upgrading their traditional computers.
According to the special committee of the company’s board, top shareholder Carl Icahn could have outbid the $13.65-per-share offer from Michael Dell and his investor friends, but Icahn instead presented a recapitalization plan that the committee deemed risky and not very detail-oriented.
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