If you thought Dell would just fly off into the night and go public without anyone else bidding, well, you were wrong. The Blackstone Group submitted a preliminary offer before the original deal deadline on Saturday for Dell to go private for $24.4 billion.
Under the terms of the "go shop" clause in the agreement, it allowed Dell to seek other suitors. A second offer was received by investor Carl Icahn who purchased a bunch of shares a couple of weeks ago. There's no concrete details on Blackstone's deal, but they are offering between $13.65 and $15 per share in a deal that will see shareholder participation. Blackstone have invited GE Capital and others in order to help them out with financing the deal.
Icahn have previously demanded Dell pay $15.7 billion in special dividends above the buyout price or risk a proxy fight. Icahn's proposed dividend of $9 per share sees a 67% premium to existing shareholders over the current $13.65 offer that is currently at play with the buyout from Michael Dell, Microsoft and investment company Silver Lake.