Regions

Three proxy firms recommend Michael Dell's offer for Dell Inc.

September 3
12:04 PM 2013

Dell Inc's founder Michael Dell proposed a bid to take the computer maker private. However, this was strongly opposed by billionaire and activist investor Carl Icahn. In the recent development of the embattled deal, Dell Inc. said that three proxy advisory firms gave their vote for the deal offered by company's founder. Dell Inc announced that proxy firms including Glass Lewis, Egan Jones and Institutional Shareholder Services (ISS) had recommended Michael Dell's offer to the company's shareholders.

Last month, the PC manufacturer had agreed to the raised offer of Michael Dell. He sweetened his bid to USD13.75 per share with a special dividend of USD.13.

According to a statement from Dell Inc said, "Each (proxy firm) has conducted an independent review of the amended merger agreement and all of its terms and concluded, as has the Special Committee, that a sale of Dell for $13.88 per share in cash serves the best interests of Dell shareholders."

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