Michael Dell could today find out if he gets to keep hold of his company. The founder, who in February made a bid to take the firm private, has put his fate in the hands of a Dell board special committee, which is expected today to announce how it will proceed with the future of the company.
The decision will be made following Friday’s deadline for rival offers to the founder’s bid.
Michael Dell, along with private equity firm Silver Lake Group, said they’d be willing to buy the company for $13.65 a share, putting the value of the business at $24.4 billion. If he gets his way, Dell will acquire increased control over the company.
There has been some speculation as to where Dell will go next: PC sales in general are floundering but its services and related enterprise businesses are doing rather well. IBM exerted financial foresight when it span off its consumer business to Lenovo, however, HP was slammed for a similar approach when Leo Apotheker briefly held the CEO position. The direction of Dell is up for debate.
However, the BBC reports have said that the bid has been met with offers from private equity group Blackstone, which has proposed between $13.65 and $15 a share, as well as billionaire investor Carl Icahn, who has put in a bid of $15 a share.
The announcement from the special committee of Dell’s board may, however, mean that the matter remains static – with predictions that they may only be able to say which of the offers is reasonably likely to lead to a bid greater than Dell’s.