Dell's committee 'not prepared' for Michael Dell's higher offer

Dell's special committee rebuffs a higher offer Michael Dell and Silver Lake Partners.

Dell's special committee in charge of evaluating offers to take the company private said it will create a new record date for a higher offer from Michael Dell and Silver Lake Partners.

In a letter to Michael Dell and Silver Lake Partners, the committee said it is not prepared to accept a $13.75 a share offer for the company, up from $13.65. The committee said:

The Committee is not prepared to accept your proposal. We are, however, willing to establish a new record date for a vote on a $13.75 per share transaction under the existing voting standard. A new record date would enable the many shareholders who bought their shares after June 3, 2013 to vote on the transaction while giving all shareholders more time to reflect on where their best interests lie in light of the improved offer.

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The upshot is that the vote on the existing $13.65 a share is on for Aug. 2. But it's unclear who would vote yes on that offer.

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