If Michael Dell is being sincere, the company's value will increase and that is, perhaps, why he, SilverLake, Blackstone and Icahn are interested in buying the company. I think the deal will get done at a price of $15 or more. With Icahn's offer on the table, it would be hard to get shareholder approval for less. If Michael teams up with Blackstone, they don't have to pony up for his 4B and can increase their offer to get it done. If SilverLake really wants it, they will have to come up with something more than current offers. Icahn can continue to be a fly in the ointment unless he gets the premium/profit he wants. Just my thoughts.....
That was what I thought too..but I have been wrong so far
These were my presumptions
1) Dell would not cooperate with BX because
(a) BX wants to keep a public stub , which belies M Dell's whole purpose of this buyout anyway
(b) BX wants to sell parts of DELL which Dell might not be open to
2) With Icahn's $15 offer already on the table (with a public stub), a fully private offer of
The board will be right behind Ichan if he shows solid financing, and he has it. And they will DEF support the Blackstone bid, they too will not be bidding without money here. So, M Dell will have to rebid or capitulate. He'll rebid, but he may have his price too.
I am on the same page as both of you and I think that there are 2 scenarios...
1) M Dell and BX remain competitors, and iff BX wins and there is a stub then M Dell sells nothing and is a big pain with rights to the $ and votes. Would be the largest minority holder.
2) Dell sells out to let BX do what they want to do. However, I don't think $15 is in the ballpark for M Dell because he knows what he is giving up and can pull out the capital to really put up a fight, if not squash it. So, I think his price tag is in the $18-$22 territory. And all the press helps him to hang his price tag where the others said that it belongs. I still don't see the problem with the sum of the parts analysis.