Dell Latest News: Dell Responds to Founder's Revised Offer, Says it Won't Accept -- yet

Wochit 1:08 mins

After Michael Dell and his partner Silver Lake Partners upped their bid for the company he founded, it seemed like the board at PC maker Dell would quickly move forward. But it turns out that's not happening. The company said that it's not in a position to accept the proposal yet, but would allow for a vote on the previous offer. Dell CEO Michael Dell, and his private equity partner Silver Lake, expect their deal to buy the number three PC maker to collapse unless the company's special committee changes how votes on the transaction are counted, a person familiar with the matter said. Dell's special committee refused to change the voting standard in return for an improved $13.75 per share offer by the consortium, but said it would be willing to move the vote's record date forward. No change in voting rules skews the math in favor of shareholders including Carl Icahn, who oppose the buyout by Dell Computer company founder Michael Dell.

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