Michael Dell, Silver Lake Not Raising Buyout Offer: Report

Friday, 5 Jul 2013 | 12:16 PM ET
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Dell's share price took a hit Friday after a report that CEO Michael Dell and Silver Lake are ruling out the option of increasing their buyout offer.

The stock fell as low as $12.70 in New York trading, a drop of 4.6 percent from Wednesday's close.

(See what Dell's stock is doing now)

The company's special committee advised Dell a few days ago that he should increase his buyout offer of $24.4 billion, or $13.65 per share, if he wants it to succeed, according to a Reuters report on Tuesday.

(Read More: Founder Told to Sweeten Offer for Dell as Icahn Ups the Stakes )

However, according to a Bloomberg report, Dell is going against this recommendation.

Read the full Bloomberg report.

By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.

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  • Matt Hunter is the senior technology editor at CNBC.com.

  • Cadie Thompson is a tech reporter for the Enterprise Team for CNBC.com.

  • Working from Los Angeles, Boorstin is CNBC's media and entertainment reporter and editor of CNBC.com's Media Money section.

  • Jon Fortt is an on-air editor. He covers the companies, start-ups, and trends that are driving innovation in the industry.

  • Lipton is CNBC's technology correspondent, working from CNBC's Silicon Valley bureau.

  • Mark is CNBC's Silicon Valley/San Francisco Bureau Chief covering technology and digital media.