Shares of Dell slid Friday on reports that founder Michael Dell and Silver Lake Partners don’t plan to raise their $24.4 billion buyout offer for the company
Bloomberg, the Wall Street Journal and other media organizations reported that there won’t be an increase in the bid, as Michael Dell and Silver Lake believe the offer they made in February represents fair value for the company. The shares fell as investors became more concerned the offer won’t go through.
Activist investor Carl Icahn, the company’s second biggest shareholder, wants Dell to remain publicly traded and says the company should buy back $16 billion in stock. Shareholders will vote on the buyout offer July 18.