Deals
Dell Projects Icahn Proposal’s Value Lowered by Liquidity Gap
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A Dell Inc. board committee said Carl Icahn’s takeover offer has a “significant liquidity gap” that may lower the value of a dividend he proposed as part of his buyout plan.
Billionaire Icahn and Southeastern Asset Management Inc., who together own about 13 percent of Dell, teamed up last month to propose a counteroffer to founder Michael Dell and Silver Lake Management LLC’s $24.4 billion buyout. Icahn’s plan involves existing cash at the PC maker and about $5.2 billion in new debt for Dell to offer investors $12 a share in cash or stock while letting them retain stakes in a public company.