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Dell announced in February that it had reached an agreement with Michael Dell and Silver Lake to acquire all of the shares, implying its delisting.
A private equity fund managed by Blackstone and a group of institutions led by Carl Icahn have each submitted bids for the U.S. manufacturer of Dell computers, in response to the agreement by the company’s founder, chairman and CEO, Michael Dell, and investment fund Silver Lake Partners, to acquire all the shares of the company.
A special committee of the board of directors, made up of four independent members, without interest, considered, after consultation with independent financial and legal advisors, that both proposals could lead to higher bids, as defined in the terms of the current agreement purchase.
The committee, which intends to continue negotiations with both groups, reports that Michael Dell has confirmed its willingness to study”in good faith” the ability to work with third parties on an alternative offer of purchase. The committee chairman, Alex Mandl, was pleased that this process has been completed with two alternative bids that have “potential to create additional value for shareholders of Dell.”
“We intend to work diligently with the three potential buyers to ensure the best possible outcome for shareholders, regardless of the operation carried out,” he added. The Committee recalls that under the purchase agreement reached with Michael Dell and Silver Lake, has the right to terminate the right to accept a superior offer, and clarifies that it has not yet determined whether the offers presented by Blackstone and Carl Icahn are of best bid.
“There is no assurance that any proposal eventually lead to a superior proposal” strikes the body, explaining that while negotiations continue its recommendation has not changed and continues to support the initial offer.
Dell announced last February that it had reached an agreement with Michael Dell and Silver Lake to acquire all of the shares of the third largest manufacturer of computers by 24,400 million (18.833 million euros at current exchange rates), implying its delisting. Specifically, Michael Dell and Silver Lake paid $ 13.65 in cash for each share of Dell, which represents a premium of 25% over the closing price of the shares of the company on Jan. 11, the last day before came to light that the rumors about the possible purchase of the company, and 37% over the previous 90 days.