Yet another bump in the road to taking Dell private:
A special board committee of Dell Inc. DELL -3.27% rejected a request from Michael Dell and Silver Lake to change the voting rules on their buyout offer in exchange for a ten-cent price boost to $13.75 a share.
Instead, the special committee of the company’s board charged with negotiating the buyout deal offered to change the so-called “record date” governing which shareholders can vote in exchange for the 10-cent per-share bump.
The record date is currently June 3, meaning shareholders as of that date can vote.
“A new record date would enable the many shareholders who bought their shares after June 3, 2013 to vote on the transaction while giving all shareholders more time to reflect on where their best interests lie in light of the improved offer,” the special committee said in its letter to Mr. Dell and Silver Lake’s Egon Durban.
Dell shares slid 2.3% to $12.57 in premarket trading.
On the other hand, if those shares keep sliding that buyout offer will start looking sweeter.
Or is that the method to the madness?