Dell committee says Icahn 'concepts' lack credibility

In a slide presentation from earlier, the Dell special committee overseeing its go-private transaction criticized recapitalization proposals by the activist investor Carl Icahn and partner Southeastern Asset Management as “lacking credibility.” In the presentation, the committee said that the Icahn concept would only fund the equivalent of an approximate $8 per share cash distribution , even if fully financed. The committee also points out that there is a potential $2.9B funding shortfall in the Icahn proposal. In the presentation, the special committee backs the leveraged buyout proposed by CEO Michael Dell and the private equity firm Silver Lake Partners, citing the all cash offer "at a significant, certain premium."

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