Dell delays vote on $24.4 billion buyout offer in sign it needs time to rally support
ROUND ROCK, Texas - Dell is delaying a vote on founder Michael Dell's plan to take the slumping computer maker private in a sign the board needs more time to find rally support.
The vote was scheduled at a special shareholders meeting at the company's headquarters in Round Rock, Texas. Dell called the meeting to order, then quickly adjourned it without a formal vote.
Supporters believe Dell Inc. stands a better chance of turning around if it can make long-term strategic decisions without worrying about meeting Wall Street's quarter-to-quarter expectations.
But some big investors had signalled opposition to the bid. Activist investor Carl Icahn believes the offer undervalues the company.