Dell wins ISS support for $24.4bn buyout
Buyout plan would shelter shareholders from risks tied to the deteriorating personal-computer business
Michael Dell: As recently as last week, ISS was leaning against recommending Dell’s offer.
Michael Dell won support from Institutional Shareholder Services for the $24.4 billion buyout of his company, a surprise endorsement from an influential shareholder adviser that increases the chances he will prevail.
Dell and Silver Lake Management LLC’s buyout plan would shelter shareholders from risks tied to the deteriorating personal-computer business, ISS said yesterday. As recently as last week, ISS was leaning against recommending Dell’s offer, people familiar with the matter said at the time.
Dell is fending off a challenge from billionaire investor Carl Icahn, who said last week that he obtained $5.2 billion in debt financing to support his third and latest effort to derail the CEO’s proposed buyout. Yesterday the special committee reiterated its support for the founder’s offer. - (Bloomberg)