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BREAKING- Dell Special Committee Will Not Accept New Dell Offer

Shares of Dell (NASDAQ: DELL) are down about 1.5 percent after the Special Committee of the Dell Board of Directors said that it would not accept Michael Dell’s amended offer to purchase the company at $13.75 per share along with a change in the voting standard that would not count non-voting shares as a “no” vote.

The committee said:

“The Committee is not prepared to accept your proposal. We are, however, willing to establish a new record date for a vote on a $13.75 per share transaction under the existing voting standard. A new record date would enable the many shareholders who bought their shares after June 3 to vote on the transaction while giving all shareholders more time to reflect on where their best interests lie in light of the improved offer. In the alternative, we are prepared to proceed with a vote on the existing $13.65 per share transaction at the Special Meeting to be reconvened on August 2 at 9:00 a.m. Central Time.”

[stock-tools exchange="NASDAQ" symbol="DELL" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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