The investment party backed by Michael Dell is looking to increase its offer to buy all outstanding shares in Dell Inc.
The Dell founder said that he would increase the purchase price of his namesake company to $13.75 per share over an original offer of $13.65. The move will represent a total increase of $150m to the total acquisition price of outstanding shares in the company.
“This is our best and final proposal,” the Dell group said in a letter to shareholders. “We are not willing to discuss any further increase in the merger consideration nor are we willing to increase the merger consideration to $13.75 per share without the change to the Unaffiliated Stockholder Approval requirement.”
The increase is the latest turn in the saga over Dell's fate. The company's namesake founder has been pushing for a plan that will see the company buy back its shares and go private during an effort to remake its embattled PC and server business.
The plan has faced resistance from a shareholder movement led by investor-activist Carl Icahn, who has championed a counter offer for Dell shares, which he says will offer a better deal to shareholders. The offer has been panned by outside observers who have expressed doubt in the viability of the offer.
Michael Dell, meanwhile, has struggled to gain acceptance for his buyout plan. Despite backing from the company, the bid has been delayed multiple times out of fear that the company does not have enough support from shareholders to pass the bid.
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