Dell Inc rejects request for info leading to buyout
Dell has rejected a request from a shareholder rights group seeking to review the internal information that led to a proposed $24.4 billion sale of the struggling personal computer maker.
In a letter Tuesday, a Dell lawyer told the Shareholder Forum that it hadn't met the legal standard needed to gain access to confidential assessments that swayed the decision-making process of the company's board.
The Shareholder Forum, acting on behalf of an unidentified Dell shareholder, is trying to determine if the Round Rock, Texas, company is worth more than the $13.65 per share being offered by its CEO Michael Dell and a group of investors led by Silver Lake.
Gary Lutin, a former investment banker who runs the Shareholder Forum, said he plans to send another letter Wednesday to Dell Inc. in an attempt to clear up any confusion over the legal issues governing the effort to shine more light on the sale negotiations.
In a statement, Dell said extensive details about the deliberations leading up to the sales agreement will be included in regulatory documents that will be filed by the end of this month.
Dell has staunchly defended the proposed sale to Michael Dell and Silver Lake as the best deal for the company after evaluating a wide range of other alternatives during a "rigorous'' review undertaken by a special committee of four directors that were designated last August after its CEO broached the possibility of a buyout. The company also is seeking other suitors willing to submit a higher bid.
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