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A Dell board committee has rejected a voting rule change behind Michael Dell’s increased offer to buy out the struggling PC maker he founded.
A group led by Michael Dell and the investment firm Silver Lake Partners recently raised its bid to buy out Dell Inc’s other shareholders by a dime, to $13.75 per share.
As part of that offer, the group said the bid’s fate must be decided only by the shareholders who choose to vote either for or against the plan.
Under the existing rules, non-voting shareholders count as “no” votes.
The committee did say it would establish a new record date for a vote on the higher offer under the existing rules.
Otherwise, it is ready to proceed Friday with a vote on the $13.65 offer.
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