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Dell asks shareholders to vote in favor of founder's deal

The company will hold a special meeting of the shareholders on July 18 to approve the transaction between Dell and Michael Dell.

Dell headquarters in Round Rock, Texas.
Dell headquarters in Round Rock, Texas. Dell

Michael Dell might soon have his way with the company he founded.

Dell announced today that it has filed materials with the Securities and Exchange Commission (SEC) that will allow it to hold a shareholder meeting on July 18 to approve the transaction Michael Dell and investment firm Silver Lake recently brought to the table. Under the terms of the deal, Michael Dell and Silver Lake, with some help from Microsoft, will acquire all remaining shares in the company that the founder doesn't own for $13.65 per share.

According to Dell, the company's entire board of directors, as well as a Special Committee established to analyze that deal and others, unanimously decided that it was in the company's best interests.

That's bad news for Carl Icahn, who earlier this month offered a $24.4 billion Dell buyout deal. Although the cash he was willing to pay was higher than Michael Dell's offer, the Special Committee said that it needed more information from Icahn to determine if it was truly superior. Icahn has yet to provide all of the details Dell has requested.

In light of that, Dell appears to be moving forward. But don't expect this to be the last we hear of Icahn.