Michael Dell got his wish: his board of directors says shareholders should vote for his proposal that would take the company private.
Dell's Special Committee of the Board of Directors on Wednesday filed an investor presentation with the Securities and Exchange Commission (SEC) that supports the $13.65-per-share offer Michael Dell and Silver Lake Partners made earlier this year for the company.
In a statement on Wednesday, Dell's Committee said that the deal, which will take Dell private if approved by shareholders, is the "best possible outcome for shareholders."
The Special Committee ended its statement today saying that shareholders should vote for the Dell offer and ignore a competing deal presented to it by activist investor Carl Icahn. Dell argues that the Icahn deal "could reduce the promised $12.00 per share special dividend to $9.35 per share -- and to $8.50 per share if Icahn/Southeastern are the only shareholders electing the equity stub instead of cash."
In other words, the $12-per-share offer from Icahn is inferior to the one presented to the company by Michael Dell.
It likely won't be long before Icahn responds with his own evaluation.
Dell's shareholders are expected to vote on the transaction on July 18.