Shareholder advisory firm ISS has recommended Dell Inc shareholders vote in favour a $24.4 billion buyout offer for the PC maker from founder and chief executive Michael Dell,increasing the odds that his bid will succeed.
Dell shareholders are scheduled to vote on the offer July 18. Michael Dell,whose offer is backed by equity financing from buyout firm Silver Lake,does not plan to raise the $13.65 per share bid,people familiar with the matter said last week. Several large investors have been pushing for improved terms.
Billionaire Carl Icahn and Southeastern Asset Management have made a rival bid that would see shareholders tender 1.1 billion shares at $14 each. Institutional Shareholder Services Inc is the biggest shareholder advisory firm,and its recommendations can sway investors looking for direction.