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Michael Dell will stay with the company he founded

  • The chief executive of Dell says he intends to stay with the company he founded. Dell is trying to take his company private and said he will stay with the company even if the shareholders don't approve of the deal. Activist investor Carl Icahn, who doesn't support the privatization of the company proposed an asset sale and leveraged capitalization but Michael Dell said he has no intention of supporting these proposals. 

    Icahn also said he believes that privatization would end up undervaluing the company but Dell thinks the opposite. "Given where we are today, I believe the challenges we would face as a public company, including potential proxy fight, would be significant," he said. "But I am ready to fight and I am committed to doing what I believe is right for the company."

    The vote of the shareholders has been postponed since Dell and his supporters weren't sure if they would have enough votes in order to gain approval for privatization. 

    Tagged as: Dell, Michael Dell, Computer, Business, Dell founder