Dell shares have increased by 5.5 percent to $13.68 per share, following a buyout offer from founder of company, Michael Dell.
Mr Dell is attempting to buy back the computer giant that he originally founded in 1984 while he was still in college.
He is trying to carry out the purchase along with investment from Silver Lake – a global leader in technology investing.
Mr. Dell and Silver Lake have offered to pay $13.75 a share in addition to a special dividend of 13 cents a share. The value of his shares is just over $12.50 each.
Originally, shareholders were going to vote on an offer from Mr. Dell on Friday. However, the addition of the dividend means that a new proposal has to be made to them. The committee is now set to vote on 12 September.
Mr Dell currently owns 16% of the company and wants to reorganize its focus. Dell has been drifting away from developing computers.
However, many shareholders are resisting his efforts. In particular Carl Icahn, who holds a 8.7% stake in the company and just started a legal challenge against Mr Dell’s attempt to buy the company back along with Ichan’s ally, Southeastern Asset Management.
Southeastern Asset Management said in a statement:
“Stockholders should ask why the special committee is acting as though its mandate is to get this deal done at any cost necessary when the transaction is so stockholder-unfriendly that it could not receive the required stockholder approval on three occasions.”
Alex Mandl, Chairman of the Special Committee, said
“The Committee is pleased to have negotiated this transaction, which provides as much as $470 million of increased value, including the next quarterly dividend that will now be paid regardless of when the transaction closes.”
Following the bid the company is valued at around $24.5 billion.