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Dell says cannot disclose more information to Icahn yet

Dell says cannot disclose more information to Icahn yet

By Reuters | Updated: 21 May 2013 13:12 IST

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Dell Inc said in a letter to suitors Carl Icahn and Southeastern Asset Management that the company would not provide more information about itself unless the board determined that their proposal was "superior" to founder Michael Dell's.

Earlier this month, Icahn and Southeastern offered $12 in cash per share or additional shares to existing investors as an alternative to Michael Dell's $24.4 billion bid to take the company private.

Dell's special committee of the board of directors said in a letter on Monday that Icahn's affiliates and representatives had made a number of requests for information, including a request for data room access for a potential lender.

"Please understand that unless we receive information that is responsive to our May 13 letter, we are not in a position to evaluate whether your proposal meets that standard," the special committee said.

The committee had on May 13 asked Icahn and his ally Southeastern for more details on their proposed offer.

It had said it was not clear Icahn intended to make "an actual acquisition proposal that the Board could evaluate" or if he intended his offer as an alternative in the event the pending sale to Silver Lake and Michael Dell is not approved.

Dell reported a 79 percent slide in quarterly profit last week as personal computer sales continued to shrink.

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Dell says cannot disclose more information to Icahn yet

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