Aug. 2 - The group led by Michael Dell has reached a $24.8 billion deal that dramatically increases the chances of their Dell buyout deal passing. Bobbi Rebell reports.
The daily digit is $24.8 billion. That is looking like the best and final offer from the group led by Dell founder Michael Dell to buy the company. Its about $350 million more than the original offer. They want to take the company private- saying the painful restructuring the company needs- is better done away from the pressures of being a public company. The new agreement includes a special dividend of 13 cents a share- along with an offer increased by 10 cents a share to $13.75 a share. Add to that 3 guaranteed quarterly dividends of 8 cents a share. And there's a new twist in how the votes will be counted- previously, abstentions counted as "no" votes. That was a big hurdle. Now those non-votes just won't be counted. Dell shares were up on the news. Activist investor Carl Icahn has built an 8.7 percent stake in Dell, and has been leading the charge against the buyout. He tweeted: "We are pleased to have won another battle in the Dell war but the war itself is far from over. More to follow. " The vote has been delayed a couple of times and is now scheduled for September 12th.