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Finance Latest News: Dell Special Committee Slams New Icahn Plan as Incomplete

Wochit
Finance Latest News: Dell Special Committee Slams New Icahn Plan as Incomplete
The special committee of Dell's board managing the computer maker's effort to go private rejected the latest takeover proposal put forth Tuesday by activist investor Carl Icahn as lacking key details necessary for its approval. The current proposal lacks adequate financing and a remedy for the company and its shareholders if his proposal were to fail. The Adobe Systems Inc.'s fiscal second-quarter earnings fell 66 percent as the software company recorded weaker product sales and higher operating expenses, through subscriptions for creative services continued to strengthen. Shares jumped 4.1 percent to $45.09 after hours as adjusted per-share earnings topped the company?s expectations. The stock is up 15 percent since the start of the year. Billionaire investor Carl Icahn told Dell Inc shareholders that an investment bank would help fund his offer for the PC maker as he sought to assuage concerns over his means to fund the bid. In an open letter to Dell shareholders, Icahn said a major investment bank had indicated its willingness to make $1.6 billion available.
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