Buyout price of $15 share (latest rumored target) plus a special dividend of $2+ per share (my prediction) might be enough for the unhappy holders to move the deal forward.
The special committee of the BOD, under advisement from Evercore Partners, is considering a special dividend to induce acceptance of the share offer price. The special dividend approach may offer tax advantages, to the principle players, versus a higher buyout share price.
Just don't think $15 alone is enough (I'd vote NO)...$17+ motivates me.
Why isn't $15 enough ?
Once the rumors started, and the DELl share price went up from its recent $10 trading price, people bought in at $12.50 or higher. Those people who bought in late must realize they came late to the party, they missed the move higher..
Now whining and crying about it makes them look like amateurs.
If there is a a buyout I expect it would be at around $12.50 per share, which is a very nice premium above the pre-rumor DELL trading price.
The "$14 or higher" or "special dividend" posts around here are nothing more than people late to the stock crying because they did not buy DELl at $9 to $10 per share, where it sat for the past half a year. Michael Dell or a prviate equity partner is not going to overpay just because some greedy fools on a Yahoo message board think he should.
I get the idea that DELL & Company in the LBO camp want the price to be as low as possible, but on the other hand should EVERCORE be diligent in their evaluation of a fair and reasonable offer amount, then $13-14 is just plain laughable for EVERCOE and the BOD special committee to accept.
Perhaps, the offer comes in @ $14 plus a "consideration" of $1 in special dividend. The combined $15 offer gets rejected; the game continues...LBO folks come back with a BFO offer of $15.50 plus the $1 dividend. The negotiation process is considered complete. Some shareholders would still be livid, but the worth of a lawsuit would be marginalized. Still likely, but a difficult path to recapture the true value of DELL shares.
Unless, of course, there is outside interest that surfaces. At that point the game continues.
There are too many shareholders that would vote against a buyout less than $15...me included.