Image may be NSFW.
Clik here to view.Last week I wrote Is Dell deal Dying? Tonight Michael Dell and SilverLake upped the deal price by a minute 10c a share (OK, that is actually an extra $150m). On top of that they delayed the shareholder vote by another week and asked to vary the terms of the vote. One shareholder said he thought this was ‘beyond outrageous’. (Source – FT)This is all a ‘best and final’ offer we are told.
It all seems very scrappy and undignified. As I implied in my article last week, if I was SilverLake I’d be praying that the deal collapsed so I could not only walk away but would get some hefty compensation. The ‘problem’ is that if the Dell/SilverLake deal goes away will the Icahn deal be capable of being consummated? Many think not. That would leave Dell as listed company but probably without Mr Dell and many others. But maybe that wouldn’t be such a bad thing either.
Dell faces huge problems. Is Michael Dell really the best person to lead it forward? Glorious as he was in his heyday, he’s also responsible for the current debacle. He stepped back into the CEO role on 2007 – 6 years ago. Six years when Dell has failed to address the fading PC market. Failed to move into mobiles/tablets. Failed to make a big enough splash in Services. Surely 6 years is long enough to show real signs of change?