A Dell board committee has rejected a voting rule change Michael Dell attached to an increased buyout offer for the struggling PC maker he founded.
A group led by Michael Dell and the investment firm Silver Lake Partners last week raised its bid to buy out Dell Inc's other shareholders by a dime, to $US13.75 per share.
As part of that offer, the group said the bid's fate must be decided only by the shareholders who choose to vote either for or against the plan.
Under existing rules, shareholders who don't vote count as "no" votes.
A special committee of company board members said in a short letter, dated Tuesday, to Chairman and CEO Michael Dell that it wouldn't accept the new proposal.
But the company did say it would establish a new date for a vote on the offer of $US13.75 per share under the existing rule for voting.
"A new record date would enable the many shareholders who bought their shares after June 3, 2013 to vote on the transaction while giving all shareholders more time to reflect on where their best interests lie in light of the improved offer," the letter stated.
Otherwise, the committee said it was ready to proceed on Friday with a vote on the $US13.65 offer. That vote has already been delayed a couple times.
Dell shares dropped 2.6 per cent, or 33 cents, to $US12.53 on Wednesday morning, while the tech-heavy Nasdaq composite rose.
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