Michael Dell Nearing Buyout Deal With Committee With Special Dividend: Reports

(RTTNews) - Michael Dell and private equity Silver Lake are nearing a deal with the Special Committee of the Board of Dell Inc. (DELL) over increased offer of $13.75 per share and a special dividend of 13 cents for the company in exchange for a modification of voting rules, according to reports on Friday.

The reports said that after two earlier delays, the Special Committee is likely to adjourn the shareholders meeting to September.

On Thursday, Carl Icahn sued the company to stop any voting change.

In Late-July, Michael Dell and Silver Lake raised their offer to acquire Dell by ten cents to $13.75 per share in cash, but subject to a change in voting rules that will aid the buyout process.

The buyout group had called for shares of unaffiliated stockholders that are not voted at the special meeting on the merger, to be ignored and not considered as being against the deal. That means only the majority of the outstanding shares held by the unaffiliated stockholders that are present and voting for or against deal are to be counted.