Two of the most prominent US investors could upset Michael Dell’s $24.4 billion buyout bid for Dell Inc., after billionaire Carl Icahn opened the door to an alliance with Blackstone Group to wrest control of the computer maker from its founder.
Icahn said yesterday he has started preliminary talks with Blackstone. Both sides have made bids that could be superior to the offer on the table from Michael Dell and private-equity firm Silver Lake.
The backroom negotiations show how what started as Michael Dell and Silver Lake’s plan to take the PC maker private could turn into a months-long process.
Icahn has proposed paying $15 per share for 58 percent of Dell. Blackstone has indicated it can pay more than $14.25 per share. The Silver Lake group offered $13.65 per share for all of Dell.
Dell and Silver Lake declined to comment. Blackstone did not respond to requests for comment. However, two people close to Michael Dell said yesterday that he is very concerned that Blackstone’s buyout offer would dismantle the PC maker he founded in 1984.
Icahn, who owns a $1 billion stake in Dell, said both his and Blackstone’s offers give the company’s largest investors what they wanted most — the ability to retain publicly traded shares of Dell.
Southeastern Asset Management, Dell’s largest independent shareholder and one of the most vocal opponents of the Silver Lake plan, said it was pleased about that prospect, as well as the higher offers.