It must be awfully nice in Hawaii.
Perhaps the sunshine and surf bring Michael Dell and his partner Egon Durban (of Silver Lake) solace as they sit by the ocean in their island homes while the deal they have been working to complete since it was dreamed up a year ago seems destined for the dustbin of history.
The two men took a shot, or at least a bit of one. They raised their $24 billion offer for the company they ostensibly want to own by $150 million in the hope that Dell's special committee would give them the voting standard change they need to carry an otherwise recalcitrant set of shareholders.
They didn't get that change. Now, strangely and perhaps irrationally, they seem willing to let this deal go to a vote Friday with a $13.65 price tag. If that vote is taken, chances are good the deal will not be approved.
But, you might ask, if they were willing to pay $13.75 a share, why wouldn't they still be willing to do so and in return get a change in the record date, as promised by the special committee? A change in that date would surely bolster their chances in a vote, if not deliver it outright.
That's not to mention that another $150 million to $200 million would probably turn around one or more of the large mutual funds that are currently against them, and deliver the vote easily.