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News Breaks | | | | March 6, 2013 | | 08:01 EDT |  | DELL | Dell special committee says sale 'best alternative' for stockholders
The Special Committee of Dell’s Board of Directors issued the following statement regarding its evaluation of Dell’s strategic alternatives: "The Special Committee, consisting solely of independent directors and working with our independent legal and financial advisors, undertook a rigorous process, over a period of more than five months, to evaluate Dell’s current risks, opportunities and strategic alternatives. The alternatives included continuing with or modifying the company’s existing business plan, conducting a leveraged recapitalization, changing the dividend policy, and potentially selling all or parts of the business. As a result of that process, the Special Committee unanimously determined that the sale of the company would be the best alternative for stockholders. We negotiated aggressively to ensure that stockholders received the best possible value and agreed to a $13.65 per share transaction that provides value certainty at a 37% premium above the average price for the 90 days before rumors regarding the transaction surfaced. We further insisted on a number of important provisions in the transaction to protect and maximize value for stockholders. These include a low break-up fee and a robust go-shop process under a fee structure that incentivizes our financial advisor, Evercore, to find a superior deal if one exists. Evercore is actively soliciting potential alternative proposals now in a process that concludes March 22, and we will continue negotiations past that date if a potentially superior proposal emerges. We also insisted on a requirement that holders of a majority of the shares not held by Mr. Dell or members of management approve the transaction before it can be completed." | |
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News For DELL From The Last 14 Days Check below for free stories on DELL the last two weeks. |
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| May 20, 2013 | | 07:03 EDT | | DELL | Dell committee says cannot evaluate Icahn proposal without more information
 Subscribe for More Information | | | May 17, 2013 | | 14:03 EDT |  | DELL | Market set to finish week with gains after Cisco results, comments
Subscribe for More Information | | | 08:29 EDT |  | DELL | JPMorgan's business and information services analyst holds a conference call
Subscribe for More Information | | | 08:02 EDT |  | DELL | Dell results could increase votes for Silver Lake offer, says Wells Fargo
Subscribe for More Information | | | May 16, 2013 | | 18:01 EDT | | DELL | Dell continues to expect 'relatively weak' demand in end-user PC business
Subscribe for More Information | | | 16:05 EDT |  | DELL | Dell reports Q1 enterprise solutions, services, software revenue up 12% to $5.5B
Subscribe for More Information | | | 16:02 EDT | | DELL | Dell not providing guidance for Q2
Subscribe for More Information | | | 16:01 EDT | | DELL | Dell reports Q1 adjusted EPS 21c, consensus 35c
Reports Q1 revenue $14.1B, consensus $13.52B. | | | 15:14 EDT | | DELL | Notable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Dell (DELL), consensus 35c; Applied Materials (AMAT), consensus 13c; Nordstrom (JWN), consensus 76c; Autodesk (ADSK), consensus 45c; J. C. Penney (JCP), consensus (86c); SINA (SINA), consensus (3c); ViaSat (VSAT), consensus 2c; Brocade Communications (BRCD), consensus 15c; Aruba Networks (ARUN), consensus 15c. | | | 13:58 EDT | | DELL | Earnings Preview: Dell facing uncertainty about going private ahead of Q1 report
Dell (DELL) is set to report Q1 earnings after the market close on Thursday, May 16, with a conference call scheduled for 4:45 pm ET. Dell is a global IT company that operates enterprise, business, and consumer segments. EXPECTATIONS: Analysts are looking for EPS of 35c on revenue of $13.52B, according to First Call. The consensus range for EPS is 28c-42c on revenue of $12.6B-$14.22B. A report by Dow Jones earlier this week said Dell will report non-GAAP EPS of 20c on revenue of about $14B. LAST QUARTER: Dell reported Q4 adjusted EPS of 40c against consensus for 39c on revenue of $14.3B against estimates for $14.12B. On its Q4 earnings conference call, the company said it expects continued margin pressure and market competitiveness in 2013. GO-PRIVATE NEWS: On February 5, Dell officially announced that it had agreed to be taken private for $13.65 per share by a consortium lead by Silver Lake. On March 25, Dell announced it had received two alternative proposals during its go-shop process, which began following its February 5 announcement. These proposals included a $14.25 per share offer from Blackstone (BX), and a $15 per share offer from Carl Icahn and affiliated funds, including Icahn Enterprises (IEP). On April 19, Dell announced that Blackstone decided not to submit a bid for the company. Last Friday, Icahn and Southeastern Asset Management, which collectively hold about a 13% stake in Dell, submitted an alternative proposal to Dell's board. The Icahn and Southeastern proposal would allow Dell shareholders to receive a $12 per share cash distribution or $12 of additional shares valued at $1.65 per share. On Monday, the special committee of Dell's board asked Icahn and Southeastern for more information related to proposal, while Icahn and Southeastern proposed a slate of directors to the company's board that same day. COMPANY NEWS: In addition to news surrounding the company's go-private proposal, data regarding global PC demand has also weighed on Dell. On April 10, data from IDC said worldwide PC shipments totaled 76.3M in Q1, a 13.9% decline from the prior year period, which was worse than the expected decline of 7.7%. IDC also added that this year-over-year decline was the worst since the firm began its quarterly tracking of the PC market in 1994. On March 28, data released by Gartner said worldwide IT spending is projected to increase 4.1% in 2013 to $3.8T. PRICE ACTION: Shares of Dell have slid more than 2.5% since the first day of trading following its Q4 report. Following the March announcement that Dell received alternative proposals from Blackstone and Icahn, shares closed as high as $14.51 per share. Through April, however, shares of Dell slipped, including a sharp decline after disclosing Blackstone withdrew its offer, with shares closing as low as $13.09 per share. In afternoon trading ahead of its Q1 report, shares of Dell are down 0.2%, to about $13.42. | | | | 13:57 EDT |  | DELL | Dell May 13 straddle priced for 1.7% move into Q1
Subscribe for More Information | | | May 15, 2013 | | 16:48 EDT | | DELL | Icahn gives quarterly update on stakes
Subscribe for More Information | | | 08:08 EDT |  | DELL | PC sales decline in Western Europe, Economic Times reports
Subscribe for More Information | | | May 14, 2013 | | 16:23 EDT | | DELL | On The Fly: Closing Wrap
Stocks on Wall Street were higher on a Tuesday again, keeping the strange "Tuesday in 2013" streak alive. Some positive domestic economic data and bullish commentary from Appaloosa Management's David Tepper set the tone early and the averages traded with an upward bias for almost the entire trading day. Today's advance means that every Tuesday this year has seen the market log gains, and investors will have to wait another week to see if the pattern continues. ECONOMIC EVENTS: The NFIB small business optimism index for April rose to 92.1, versus expectations for it to climb to 90.3 from its prior 89.5 reading. Import prices were reported to have declined 0.5% in April, which was in-line with expectations. Export prices declined 0.7%, versus a forecast for a 0.1% drop in the month. COMPANY NEWS: Dell (DELL) shares lost 6c, or 0.44%, to $13.46 after Dow Jones said the company will report first quarter non-GAAP earnings of 20c per share, 15c below current consensus estimates. That followed an earlier report from CNBC's David Faber, who also said the company will report earnings that miss expectations and accurately called that Dell has moved its report to Thursday, which is earlier than had been expected... Sony (SNE) shares added $1.87, or 9.9%, but closed off their best levels at $20.76 after the New York Times reported that Dan Loeb of Third Point has built a 6.5% stake and proposes that the company take its entertainment unit public. MAJOR MOVERS: Among notable gainers was InterOil (IOC), up $7.46, or 9.57%, to $85.39 after reporting its earnings and saying its talks with "major oil companies and a national oil company" about a potential LNG partnership are in the final stages. Also higher was SodaStream (SODA), up $6.79, or 11.85%, to $64.08 after at least two analyst firms raised their price target on shares following yesterday's analyst day presentations. Among noteworthy losers was Solar City (SCTY), down $4.44, or 12.37%, to $31.44 after the company's first quarter earnings missed expectations and the stock was downgraded by at least two firms. Also lower was Velti (VELT), down 29c, or 14.5%, to $1.71 after its revenue outlook fell below estimates. INDICES: The Dow was up 123.57, or 0.82%, to 15,215.25; the Nasdaq was up 23.82, or 0.69%, to 3,462.61; and the S&P 500 was up 16.57, or 1.01%, to 1,650.34. | | | 13:18 EDT | | DELL | Dell to report Q1 non-GAAP EPS 20c, Dow Jones says
Subscribe for More Information | | | 12:35 EDT | | DELL | Dell holder Pzena prefers Icahn, Southeastern proposal, CNBC reports
Cites statement from Rich Pzena, who called the Icahn and Southeastern proposal "superior" to the "go-private" deal supported by founder Michael Dell. | | | 11:18 EDT | | DELL | Dell earnings to miss consensus expectations, CNBC reports
Subscribe for More Information | | | 11:17 EDT | | DELL | Dell May volatility increases into Q1 and revenue outlook
Dell May call option implied volatility is at 33, June and July is at 14; compared to its 14-week average of 16 according to Track Data, suggesting large near term price movement into the expected release of Q1 results on May 16. | | | 11:13 EDT | | DELL | Dell moving up earnings announcement to Thursday, CNBC reports
Subscribe for More Information | | | 11:12 EDT | | DELL | Dell earnings expected to be below consensus, CNBC reports
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