The Dell board is standing behind a buyout offer from the company’s CEO, and it has asked shareholders of the slumping PC maker to approve the deal in a July 18 vote.
The company’s announcement Friday is the latest volley in a battle with prominent shareholders over the company’s future and Michael Dell’s role in it.
Dell directors unanimously recommended an offer from Michael Dell and the investment firm Silver Lake Partners to take the company private for $24.4 billion, or $13.65 per share, according to filings with the Securities and Exchange Commission.
A board special committee told shareholders in an open letter Friday that Michael Dell’s plan was the best option. It noted that the price represented a premium of about 37 percent over the stock’s average closing price in the months before rumors about a potential deal surfaced.
But Dell’s largest independent shareholder, Southeastern Asset Management Inc., urged shareholders in a letter on Friday to reject Michael Dell’s offer. It said it that it will provide more details about its own offer soon.