Dell Inc. (NASDAQ:DELL) shares fall by 2.10%
In the Friday’s trading session, shares of Dell Inc. (NASDAQ:DELL) closed at $ 13.03 after falling by 2.10%. The stock opened at $ 13.25 and reached a high of $13.25 before closing at the price level of $13.03. Over 53.01 million shares were traded in the trading session of July 5 which is quite lower than 16.71 million shares in last 90 trading sessions.
Just like several other manufacturers of personal computers, Dell Inc. (NASDAQ:DELL) has been experiencing decline in sales due to the fast increasing recognition of tablets and smartphones. In May, the company reported 79% decline in the quarterly net revenue. It is believed by Michael Dell that there will be a positive turnaround seen by the company if the company turns private and expands into function like consulting, data storage and business software.
The shares plunged after release of reports that Michael Dell, the founder of the company and Silver Lake Partners do not have plans in place to increase the offer of $24.4 for the company. The refusal on raising the offer is basis the belief by Silver Lake and Michael Dell that this offer which was made in February characterizes reasonable worth of the company. Since the investors are apprehensive that the offer would materialize, the shares of Dell Inc. (NASDAQ:DELL) plunged.
The second largest shareholder of the company, Carl Icahn, has expressed that he would prefer that Dell Inc. (NASDAQ:DELL) continues to be traded publicly and suggests that the company must take a step to buy back $16 billion in stock. This would facilitate in giving a higher returns to shareholders on their investment. As per the proposal by Icahn, an offer would be made to the shareholders to sell approximately 72.0% of the entire shares that they possess, while the remaining will continue to be with the company.
The annual meeting for the company will be conducted on July 18 where the shareholders of the company will vote on the takeover offer.