Computer maker Dell has decided to delay the vote on the $24.4bn take-private proposal from founder and CEO Michael Dell and private equity firm Silver Lake.
Dell announced that no vote on the deal was taken at Thursday’s special meeting, which was adjourned to give the board more time to secure support for the buyout.
The special meeting will reconvene on July 24.
The delay also enables Dell and Silver Lake to consider raising the offer and give shareholders more time to decide whether to recast their votes.
Earlier this week 4.1 per cent shareholder T Rowe Price Group said it would not support the deal, saying it did not “reflect the value of Dell”.
Last month activist shareholder Carl Icahn and buyout firm Southeastern asked fellow Dell shareholders to vote against the $24.4bn take-private offer.
Subsequent meetings with investors had revealed enough are unsettled that no more than half are currently considering backing the buyout, giving Icahn a stronger hand in driving up the price.
Dell and Southeastern were previously in talks with banks and asset managers to secure up to $7bn for their counter-bid for Dell.
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