Dell's Special Committee issues letter to shareholders

theflyonthewall.com

In the letter that was issued by Dell's (DELL) Special Committee of the Board of Directors along with the preliminary proxy statement relating to the proposed acquisition of Dell by affiliates of Silver Lake Partners and Michael S. Dell, the committee said: " The current Silver Lake and Michael Dell transaction delivers $13.65 per share in cash – a 37% premium to Dell’s 90-day average price and a 25% premium to the unaffected price prior to reports in the media about the proposed deal. We believe that this significant, immediate and certain premium offers superior value to owning Dell as a stand-alone entity today." The letter also stated: "As part of our agreement with Silver Lake and Michael Dell, we are pleased to report that our process has generated two non-binding alternative acquisition proposals, one from a group affiliated with Blackstone (BX) and the other from entities affiliated with Carl C. Icahn. We intend to work diligently with both of them to assist them in their respective due diligence reviews of the company and to seek definitive proposals that would constitute a superior proposal to the current Silver Lake and Michael Dell transaction."

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