/// Dell Confirms Buyout Offers from Blackstone and Icahn, Says Both May Be Superior

March 25, 2013  |  All Things Digital


Dell today confirmed what leaked out over the weekend , that private equity firm Blackstone and activist investor Carl Icahn have made offers to buy out the struggling computer company at valuations that are higher than a $24.4 billion offer from founder Michael Dell and Silver Lake partners made last month. Carl Icahn, a in letter which you can read below, is offering as much as $15 a share for about $2 billion worth of a company. His offer includes a $5 billion equity commitment, and another $2 billion in additional financing on top of shares already owned. Icahn made a significant purchase said to amount to as much as 6 percent of Dell’s shares outstanding earlier this month. Blackstone is leading a group that includes Insight Venture Partners and Francisco Partners in offering at least $14.25 a share for Dell. Current shareholders would be allowed to hold their current stakes subject to caps, and those remaining shares would continue to be traded on the NASDAQ exchange. One interesting observation about the Blackstone offer. Insight Venture Partners was involved earlier this year in a b idding war with Dell over the software company Quest. Insight had sought to take Quest private, but Dell stepped in with an offer during its go-shop process and ultimately outbid Insight. It’s kind of ironic that Insight is teaming up with Blackstone to make an offer for Dell at the close of its own go-shop process. Here’s Dell’s original statement, which includes the letters from Blackstone and Icahn

Go here to see the original:
Dell Confirms Buyout Offers from Blackstone and Icahn, Says Both May Be Superior


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