Michael Dell, who threw his full support behind a controversial $24.4 billion bid to take his PC-and-server company private, now says he’ll stick around even if that deal, also backed by Silver Lake Partners, fails. But, he will not support an asset sale or a leveraged recapitalization of the company as financier Carl Icahn, who opposes this buyout, has proposed, he told the Wall Street Journal. Icahn says the take-private move undervalues the company.
Under a recapitalization, the company would probably borrow money and make a cash payment to investors.
According to the Journal, Dell wrote:
“I will not support the kind of recapitalization and sale of assets some shareholders are suggesting … Given where we are today, I believe the challenges we would face as a public company, including a potential proxy fight, would be significant. But I am ready to fight and I am committed to doing…
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