Dell Confirms Icahn, Blackstone Offers

Monday, March 25, 2013

Dell Confirms Icahn, Blackstone Offers

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Michael Dell will have to to pay more if he wants to take the computer company he founded private, after two new acquisition offers were confirmed.

A special committee of independent Dell directors said Monday that it will negotiate with buyout specialist Blackstone Group and activist investor Carl Icahn over bids that rival the previous offer of more than $24 billion from CEO and Chairman Michael Dell and Silver Lake Partners.

Dell and Silver Lake offered to pay $13.65 per share. Blackstone proposed buying the company for more than $14.25 per share, while Icahn wants to buy up to 58 percent of Dell's shares for $15 each.

The special committee, which is made of four independent directors, spent more than five months evaluating options for Dell before deciding on the offer from Dell and Silver Lake.