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Dell Sets Vote on CEO’s Buyout, Dismissing Icahn Offer

Dell Inc. urged shareholders to vote for a $24.4 billion buyout by founder Michael Dell and Silver Lake Management LLC at meeting set for July 18, continuing to dismiss a rival proposal by billionaire Carl Icahn as inferior.

After contacting more than 70 potential strategic and financial buyers during a “go-shop” period, Michael Dell’s offer “is the best alternative available -- in a challenging business environment,” Dell said in a filing today. The deal requires approval by a majority of shareholders, excluding Chief Executive Officer Dell, who has a 15.6 percent stake.