Dallas, Texas 08/12/2013 (Financialstrend) – A recent move by the Board of Directors of Dell Inc. (NASDAQ:DELL) to change the voting rules in favor of its founder, Michael Dell had been highly accused by the investors as an attempt to rig the buyout voting of the shareholders of the company. There had been a court filing made by around six pension funds that had invested in the company claiming that the Board of Directors of Dell should be prevented from the changing the voting rules to provide that the shareholders who abstain from voting would not be considered to have voted against the buyout offer. The filing had further claimed that the Board should be prevented from postponing the date for the voting of shareholders on the buyout deal presently offered at an aggregate value of $24.9 billion.
While the founder of the company, Michael Dell along with his private equity firm Silver Lake Partners LLC had recently increased their offer to take the company into private hands, the BoD of the company had moved to make changes to the voting rules in exchange for this sweetened offer.
Dell Inc. (NASDAQ:DELL) had opened at $13.73 per share on Friday and had thereby lost 0.07% in prices to close at $13.74 per share for the weekend. The stock had price fluctuations during the last trading session of the week ranging from low of $13.71 to high of $13.75 per share. The company’s shares presently have recorded 52 week low at $8.69 and 52 week high price at $14.64 per share. There are 1.76 billion shares of this company outstanding in the market with an institutional ownership at 75% of total capital. On Friday, the stock had reported trading volume at 14.07 million shares, while the average level is at 33.36 million shares per day