Pushing Buyout, Dell Says Icahn's Math Doesn't Add Up

Law360, New York (June 5, 2013, 11:59 AM EDT) -- Dell Inc.'s board said Wednesday that an alternative proposal from Carl Icahn and Southeastern Asset Management Inc. would leave a $3.9 billion hole and deliver far less value to shareholders than a buyout by founder Michael Dell and Silver Lake Partners.

In a presentation to shareholders, the board's embattled special committee defended both its process and its price — practicing the arguments it will likely have to make eventually in a Delaware court.

The massive leveraged recapitalization proposed last month by Icahn an Southeastern would create...
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