Dell Seeks More Bank Funding
Dell Technologies is working with investment banks to add more cash to its US$21.7 billion offer to buy back a “tracking stock” tied to software company VMware which Dell inherited when it bought EMC.
The move comes after several investors in the tracking stock, including billionaire Carl Icahn, said they would not accept Dell’s first offer, arguing it transfers too much value to Dell’s owners, founder Michael Dell and private equity firm Silver Lake.
Acquisition of the publicly-traded tracking stock would result in Dell becoming a publicly listed company without an initial public offering (IPO).
Dell needs a majority of the holders of the tracking stock to approve the deal. A vote on the tracking stock offer has been scheduled for December 11.