Tag - Icahn
Carl Icahn has backed down once again from his ongoing dispute with Dell over the company's move to go private. In a Twitter post, the activist investor noted that he would no longer seek "appraisal rights" for his stake in the company, which would have taken the disagreement over share value to a Delaware court.
A legal effort to prevent a change in voting rules in the upcoming Dell privatization effort has been denied by Judge Leo Strine of the Delaware Court of Chancery. Carl Icahn and his voting block were trying to stop a September 12 shareholders' vote on Michael Dell and investment partners' offer, that has had its voting rules recently modified by a slight increase in the buyout offer. The judge ruled that the vote is "probably within the time the court itself might set."
The Delaware Chancery Court has scheduled a hearing for Friday, August 12 at 12:30PM to determine if investor Carl Icahn should be granted an expedited hearing to attempt to block a change in voting rules in the Dell privatization process. The investor sued Dell and its special board to prevent what he views as an unfair change in the voting rules that CEO and founder Michael Dell lobbied the board for when he raised his offer for the company to $13.75 per share plus a $0.13 per share special dividend.
The Dell special committee overseeing Michael Dell's privatization effort of his company has accepted an increased offer of $13.75 with a special dividend of $0.13 per share as a one-time dividend payable on or before closing. As part of the deal, the committee has accepted the condition that votes not cast are no longer counted against the buyout, but are not counted at all.
Further complicating the Dell buyout, investor Carl Icahn is claiming that he will increase his bid for the company on Friday. Icahn said that he will make the new offer, allowing shareholders to purchase additional shares of the company at a future date at a price of $20, regardless of the company's share value at purchase time.
According to reports from CNBC, Dell's special committee has examined Carl Icahn's new offer backed by verifiable financing, and is requesting Michael Dell and his cadre of investors raise the standing offer. Icahn's deal will keep the company pubic, and is worth $14 per share, with Michael Dell's current offer to take the company private sitting at $13.65.
Microsoft may be facing a major reorganization one internal source called "titanic" on July 1, one week after its Build developer conference. The shift is allegedly creating four separate divisions within the company, consolidating the many groups and divisions within the company into enterprise, hardware, applications, and services.
Investor Carl Icahn and Southeastern Asset Management have proposed a new offer to Dell shareholders, who are considering a proposal by founder Michael Dell's group of investors, including Microsoft, to purchase existing shares at $13.65 each in order to take the company private. In a letter to Dell's board of directors, Icahn and Southeastern are counter-proposing a deal to give all Dell shareholders the option to retain shares in the company, plus take an additional $12 a share in cash or stock.
Blackstone Group is ending its offer for control of Dell, citing a 14-percent drop in PC sales for the first quarter of 2013 and a lower earnings forecast for the current financial year. The withdrawal of Blackstone leaves founder Michael Dell and equity partner Silver Lake to fight with Carl Icahn for ownership of the PC manufacturer.
Carl Icahn is continuing his quest to take a part in the future of Dell, or at least make a hefty profit off the effort the company is making to go private. The investor is refusing to rule out the possibility of a proxy fight to compel Dell to pay a large dividend to shareholders, despite the board's request that he cease the threat and make a formal bid for the company.
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Cirrus creates Lightning-headphone dev kit
Apple supplier Cirrus Logic has introduced a MFi-compliant new development kit for companies interested in using Cirrus' chips to create Lightning-based headphones, which -- regardless of whether rumors about Apple dropping the analog headphone jack in its iPhone this fall -- can offer advantages to music-loving iOS device users. The kit mentions some of the advantages of an all-digital headset or headphone connector, including higher-bitrate support, a more customizable experience, and support for power and data transfer into headphone hardware. Several companies already make Lightning headphones, and Apple has supported the concept since June 2014. http://bit.ly/29giiZj
Apple Store app offers Procreate Pocket
The Apple Store app for iPhone, which periodically rewards users with free app gifts, is now offering the iPhone "Pocket" version of drawing app Procreate for those who have the free Apple Store app until July 28. Users who have redeemed the offer by navigating to the "Stores" tab of the app and swiping past the "iPhone Upgrade Program" banner to the "Procreate" banner have noted that only the limited Pocket (iPhone) version of the app is available free, even if the Apple Store app is installed and the offer redeemed on an iPad. The Pocket version currently sells for $3 on the iOS App Store. [32.4MB]
Porsche adds CarPlay to 2017 Panamera
Porsche has added a fifth model of vehicle to its CarPlay-supported lineup, announcing that the 2017 Panamera -- which will arrive in the US in January -- will include Apple's infotainment technology, and be seen on a giant 12.3-inch touchscreen as part of an all-new Porsche Communication Management system. The luxury sedan starts at $99,900 for the 4S model, and scales up to the Panamera Turbo, which sells for $146,900. Other vehicles that currently support CarPlay include the 2016 911 and the 2017 models of Macan, 718 Boxster, and 718 Cayman. The company did not mention support for Google's corresponding Android Auto in its announcement. http://bit.ly/295ZQ94
Apple employees testing wheelchair features
New features included in the forthcoming watchOS 3 are being tested by Apple retail store employees, including a new activity-tracking feature that has been designed with wheelchair users in mind. The move is slightly unusual in that, while retail employees have previously been used to test pre-release versions of OS X and iOS, this marks the first time they've been included in the otherwise developer-only watchOS betas. The company is said to have gone to great lengths to modify the activity tracker for wheelchair users, including changing the "time to stand" notification to "time to roll" and including two wheelchair-centric workout apps. http://bit.ly/2955JDa
SanDisk reveals two 256GB microSDXC cards
SanDisk has introduced two 256GB microSDXC cards. Arriving in August for $150, the Ultra microSDXC UHS-I Premium Edition card offers transfer speeds of up to 95MB/s for reading data. The Extreme microSDXC UHS-I card can read at a fast 100MB/s and write at up to 90MB/s, and will be shipping sometime in the fourth quarter for $200. http://bit.ly/294Q1If
Apple's third-quarter results due July 26
Apple has advised it will be issuing its third-quarter results on July 26, with a conference call to answer investor and analyst queries about the earnings set to take place later that day. The stream of the call will go live at 2pm PT (5pm ET) via Apple's investor site, with the results themselves expected to be released roughly 30 minutes before the call commences. Apple's guidance for the quarter put revenue at between $41 billion and $43 billion. http://apple.co/1oi1Pbm
Twitter stickers slowly roll out to users
Twitter has introduced "stickers," allowing users to add extra graphical elements to their photos before uploading them to the micro-blogging service. A library of hundreds of accessories, props, and emoji will be available to use as stickers, which can be resized, rotated, and placed anywhere on the photograph. Images with stickers will also become searchable with viewers able to select a sticker to see how others use the same graphic in their own posts. Twitter advises stickers will be rolling out to users over the next few weeks, and will work on both the mobile apps and through the browser. http://bit.ly/29bbwUE