Dell Bid at $15 Would Still Be Cheap Buyout: Real M&A

As Dell Inc.’s minority shareholders gain momentum in their push for a sweeter takeover price, Michael Dell could boost the offer to $15 a share and still pay the cheapest multiple among large technology buyouts.

As the board seeks bids topping last month’s $13.65-a-share offer from Michael Dell and Silver Lake Management LLC, the computer maker has attracted interest from Blackstone Group LP, Hewlett-Packard Co. and Lenovo Group Ltd., people familiar with the matter said yesterday. The interest in Dell’s books along with Carl Icahn amassing a stake and pushing for a special dividend are adding to the opposition from Dell’s two largest outside shareholders.