Dell profit plummets 31% as investors ponder $24 bn buyout
The company gave no financial forecast for fiscal 2014 or the fiscal first quarter, citing the proposed buyout.
The company reiterated that it plans to file a proxy statement with the U.S. securities regulators on the merger agreement but made no other reference to the buyout in its earnings release.
Shareholders representing almost 14 percent of Dell shares not held by Michael Dell have now said they will vote against the deal. The billionaire, who created the computer maker from his college dorm room in 1984, holds a roughly 16 percent stake and needs a majority of shareholders - excluding him - to vote for the deal.
Some are holding out hope for a higher offer. Peter Misek, analyst with Jefferies, said a bumped-up offer of about $15 per share was a "fair price."
"The better-than-expected results means that's the fair thing to do, in our opinion, is to raise the bid to a price where current shareholders reap some of the rewards while the take-private consortium enjoys the prospect of a respectable return," Misek said.
SLIDING PC SALES
Dell posted net income of $530 million, or 30 cents a share, in its fiscal fourth quarter on revenue of $14.3 billion. That came in slightly higher than the average analyst estimate of revenue of $14.12 billion, according to Thomson Reuters I/B/E/S.
Excluding certain items, it earned 40 cents a
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