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Breakingviews: Michael Dell's next trick

Wednesday, July 24, 2013 - 03:09

July 24 - Antony Currie and Breakingviews columnists discuss how the computer company founder's bid to change voting rules may affect the outcome of the long-running buyout saga.

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In the first -- succeed. Trying to change the rules that at least seems to be what Michael Dell is doing. -- need him covering the buyout by a Michael -- -- Salt Lake off his eponymous company for Oklahoma. -- it brings up SPD's traveling off what would happen is they'd be off for thirteen 65 share and it it. It's pretty clear that shareholders didn't -- accept it last because they'll -- to sit at a shareholder meeting to vote on the deal yet -- canceled and they think despite evidence and so what that meant was that are under it the old rules for the existing rules right now. If shareholders don't vote counts as a notebook essentially hit it. For the plastic -- -- to get a majority of the unaffiliated votes. Who actually -- and what they're try to saying the majority of unaffiliated votes who actually vote for it cited what -- trial date. Michael Dell which because it's like okay. We will change the rules say that only those who voted nun who. Count as -- about exactly right and what that does does that mean that if it eliminates a large chunk. Votes resources pentagon now and it probably would be back to -- Senators that there's always there's always going to be people that don't fight for what what is an event and then maybe -- deliberately don't go to the -- lots of or at least a number of smaller cells as perhaps -- dumping enough tension -- definitely they -- fix it but there's some logic to the idea that. Especially with a violate this -- you know at least in our analysis the price. You know you if if if the deal falls through the alternative from -- icon. Is very flaky indeed -- fighting what happens is set prices can fall back down to us you're just gonna have to hope that it. Several years' time some does looking enough better that you get your money that right -- given that. You know this is some look at that if you don't him on this did you should really have to bet against it but that isn't the kind of rules and yeah you know what. Michael Dell also -- on as a offering as an increment is miniscule. So is say they often what ten cents -- and guys that is setting seventy something into -- 100% chance 150 million dollars as a unit -- it. Giants it's this giant -- does not even Nestle is not enough fighting ones but still it -- -- any -- of opinion of the price of how -- the prices -- trying to do is buy and throw it enough money as the -- to persuade the special committee to change. The rules slightly in a way it is totally illogical but does making it easier to get the deal for us now. The obvious way to get the deal -- to jacket the price sufficiently that more people voted for it and that may yet be what does this committee -- tries to get to. It yet and at the moment that they get that they'll insulin given what -- eight hours left to decide this doubles yet unless they change them not to think. Offense hasn't civil we'll tell you this we'll give you a hard deadline and maybe that Alex if you think this is this has been -- every anyway so everybody we said hey I got a few houses diagonally and of the of the by the moment is scheduled now for. Somebody has enabled but I think that. They -- we go to. There have been on this fantastic be amusing long running saga because it will be -- on that. I'm will be back it will -- movies tomorrow.

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Breakingviews: Michael Dell's next trick

Wednesday, July 24, 2013 - 03:09