Silver Lake’s Durban Cancels Appearance Ahead of Dell LBO VoteSerena Saitto
Egon Durban, the Silver Lake Management LLC partner leading the firm’s investment in the $24.4 billion buyout of Dell Inc., canceled an appearance at Fortune’s Brainstorm Tech conference today.
Daniel Leonard, a spokesman for Time Inc., the owner of Fortune magazine, said that Durban had backed out of the conference starting today in Aspen, Colorado. Durban was scheduled to be on a panel today with Patrick Whitesell, the co-chief executive officer of William Morris Endeavor Entertainment LLC, to discuss Silver Lake’s investment in the talent agency.
Durban scrapped the trip after deciding that it wasn’t appropriate to make a public appearance so close to the July 24 shareholder vote on the buyout, said a person familiar with the matter, who asked not to be named because the matter was private. Durban is trying to avoid creating distractions ahead of the vote, as he keeps in touch with the firm’s proxy solicitors on developments, said the person.
Silver Lake, which is undertaking the buyout with founder Michael Dell, has no plans to sweeten its offer of $13.65 a share to sway investors, according to that person. Dell, based in Round Rock, Texas, is the third-largest maker of personal computers. A representative for Silver Lake didn’t immediately reply to a request for comment.