Dell Shareholder Vote Postponed

Dell Shareholder Vote Postponed

Today's special meeting of Dell shareholders, which was called in order to vote on a buyout offer, was convened and adjourned without voting on the proposal, the company announced.

That vote on chairman and CEO Michael Dell's $24.4 billion offer was postponed until July 24 in order for Dell to get more proxy votes and more support. Michael Dell holds approximately 14% of his company's shares, and he needs a majority of the shares other than those he holds to take Dell private.

Carl Icahn, who owns 8.7% of Dell's shares and who had previously put forth a counteroffer for the company, foresaw the possible postponement and yesterday issued an open letter to stockholders and Dell's special committee decrying it.

"[I]t has been reported [that] the Board of Directors may decide to postpone the July 18 vote ... Can you imagine a political election contest where one side could push off the election to wait for ... a date when it is hoped they might do better in the vote than they would have done on the originally scheduled election date?" Icahn wrote.

The article Dell Shareholder Vote Postponed originally appeared on

Fool contributor Dan Radovsky has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Originally published