Dell Shareholders Vote Delayed Until Next Wednesday
The meeting of Dell shareholders for a vote on the $24.4 billion leveraged buyout proposed by Michael Dell and private equity firm Silver Lake just took place and the outcome was less than thrilling, as they have delayed the vote to next Wednesday.
One of three could have occurred at the shareholders meeting: The vote could have passed with a majority of at least 43 percent of shareholders not named Michael Dell voting in favor of the deal; it could have failed with a similarly-sized majority voting to reject it; or the meeting could have been be called to order and then immediately adjourned, effectively delaying the vote for as much as a week–which is exactly what happened.
Now that the vote is delayed, it means Michael Dell and Silver Lake have decided to try and lobby a few more shareholders to switch sides and vote favorably on the deal.
We’ll keep an eye on the Dell buyout news and follow-up on this story next Wednesday (July 24) so stay tuned!
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