Dell CFO Sends Letter To Employees, Still Recommends Committee's Option For Michael Dell Buyout

In approximately four weeks, Dell will be holding a Special Meeting of Stockholders to consider and vote on the proposed transaction in which Michael and Silver Lake Partners will acquire Dell and take it private. The proposed transaction continues to attract interest from the media and investors, including Carl Icahn, who yesterday put forth the concept that Dell pursue a self-tender for its shares of approximately $16 billion. In a statement issued later in the day, the Special Committee of the Board emphasized that, “Mr. Icahn's concept is not, in its present state, a transaction that the Special Committee could endorse and execute — there is neither financing, nor any commitment from any party to participate, nor any remedy for the company and its shareholders if the transaction is not consummated. In addition, the concept does not adequately address the liquidity issues and other risks the Committee previously highlighted.” The Special Committee stated that, “in the absence of an actionable proposal that would create more value for shareholders, the Special Committee continues to recommend the pending, fully financed $13.65 per share cash sale transaction.” As we wrote in our message to you last month, the Special Meeting of Stockholders will be held at the Dell Round Rock Campus, 501 Dell Way, Round Rock, Texas on July 18, 2013 at 8:00 a.m. Central Time. As always, we will continue to keep you informed as the pending transaction moves toward completion. While the Special Committee continues to manage the transaction process, we appreciate your patience, your ongoing engagement with customers and focus on delivering results. Thank you. Brian and Larry