Dell seeks deal approval again July 24, 2013
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Dell Inc. headquarters. File photo
ROUND ROCK, Texas (AP) — Now comes the moment of truth for the future of Dell Inc.
The Dell board hopes it has persuaded enough shareholders to back a $24.4 billion sale to a group led by CEO Michael Dell and buyout firm Silver Lake Partners.
Dell shareholders meet Wednesday evening for a special meeting to vote on the deal.
Billionaire Carl Icahn and investment firm Southeastern Asset Management have campaigned to defeat that deal. They say it's a bid by founder Michael Dell to seize control of the company at a sharp discount to its long-term value. Icahn and Southeastern have offered a more complicated alternative for the slumping PC maker, but they first need to block the deal with Michael Dell and replace the board.