Silver Lake would not back Dell offer at $14 per share-source

NEW YORK, July 24 Wed Jul 24, 2013 12:03pm EDT

NEW YORK, July 24 (Reuters) - Private equity firm Silver Lake, which is backing Michael's Dell's sweetened $24.6 billion bid for Dell Inc, does not support an increase of the buyout consortium's offer to $14 per share, a person familiar with the matter said on Wednesday.

Dell's special board committee is seeking at least $14 per share from the buyout group in order to consider a potential change in the shareholder voting terms which Michael Dell and Silver Lake have asked for, another person familiar with the matter said earlier.

Silver Lake, however, is unwilling to back a $14 per share offer to get such a concession from the special committee, the first source said.

Silver Lake declined to comment.

Silver Lake and Michael Dell sent a letter to the special committee on Tuesday in which their described their latest $13.75 per share offer, raised by just 10 cents per share, as their best and final proposal.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article