Business

Market Movers

Dell slips on report buyout bid won’t rise

MICHAEL DELL
AFP/Getty Images
MICHAEL DELL

Shares of Dell Inc. slid on reports that founder Michael Dell and Silver Lake Partners won’t raise their $24.4 billion buyout offer. Bloomberg reported that Dell and Silver Lake believe their February offer represents fair value for the company. Carl Icahn, Dell’s second-biggest shareholder, wants Dell to remain publicly traded and says Dell should buy back $16 billion in stock to give shareholders a bigger return. Dell representatives declined to comment. Michael Dell believes he can turn the company around by taking it private and diversifying. The company has backed Michael Dell’s proposal.