Dell has decided to delay its special meeting on taking the firm private until next week, to allow extra time to gather proxy votes.
Dell was due to put its bid to take the firm private to a vote on Thursday 18 July, allowing its shareholders to decide whether to sell to the chief executive Michael Dell-led consortium, or to hold out for a better offer from rival investor Carl Icahn.
However, Dell announced this afternoon that the Special Meeting of Stockholders "was convened and adjourned to provide additional time to solicit proxies from Dell stockholders". This will allow the firm to gather votes from those shareholders unable to attend the meeting.
Dell added that no vote was taken on the proposed transaction prior to the adjournment. The Special Meeting will now take place on 24 July at 5pm CDT (11pm BST) at the Dell Round Rock campus.
The delay to the meeting was expected. There were reports earlier this week that Dell planned to postpone the vote, due to concerns that the outcome was too close to call.
Dell's latest statement on the proposed buyout, posted last week, maintained that the $13.65 share price on offer from Michael Dell and co is an attractive deal for shareholders.
"We are pleased to let you know that all three of the nation’s leading independent proxy advisory firms have issued clear and unequivocal recommendations to Dell shareholders to vote 'FOR' the proposed go-private transaction," the Dell board's special committee noted.
"Institutional Shareholder Services, Glass Lewis, and Egan-Jones – expert organisations that regularly advise sophisticated shareholders on corporate proxy matters – have each conducted their own independent reviews and recently concluded, as we have, that a sale of Dell for $13.65 per share in cash will provide certainty of value at a substantial premium while transferring substantial risk to the buyer group, and is therefore in the best interests of shareholders."
Corporate investor Carl Icahn has been a vocal opponent of the Michael Dell-backed offer, however, arguing that the share price undervalues the organisation.
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