NEW YORK -- Carl Icahn and Southeastern Asset Management proposed an alternative offer to a $24.4 billion deal to buy out Dell's (DELL - Get Report) public stockholders, The Wall Street Journal reported.
Icahn and Southeastern, in a letter to Dell's board, said they propose giving Dell shareholders the option to keep holding stock in the company, and take an additional $12 a share in cash or stock, the Journal reported.
The proposal is part of a campaign to upend a buyout effort from Dell founder Michael Dell and private-equity firm Silver Lake Partners. Mr. Dell and Silver Lake reached an agreement in February to buy out shareholders at $13.65 a share. Icahn and Southeastern, who together hold 13% of Dell's stock, said the PC maker is selling out too cheaply to Mr. Dell and Silver Lake, the newspaper reported.
JPMorgan Chase (JPM - Get Report) is being sued by California's attorney general over allegations the bank used illegal tactics in its efforts to collect debts from more than 100,000 credit card holders. The lawsuit filed in Los Angeles Superior Court said the company filed thousands of debt collection lawsuits each month between 2008 and April 2011 using improper practices that shortcut procedures required by California law. A spokesman for the bank said the company had no comment. It's the first such lawsuit in the nation, said spokesmen for both the company and the attorney general.
Priceline.com (PCLN - Get Report), the online travel company, posted earnings that beat Wall Street expectations but posted weaker-than-anticipated guidance. For the second quarter of 2013, Priceline said it expects a year-over-year increase in total gross travel bookings of about 30% to 37%, with international gross travel bookings rising about 36% to 43%. Priceline said it expects adjusted EBITDA to be between $560 million and $595 million, with non-GAAP earnings of between $8.87 and $9.45 a share. Wall Street analysts are expecting $9.58 a share. Priceline Plunges on Weak Outlook
Nvidia (NVDA - Get Report) reported on Thursday first-quarter earnings of $77.9 million, or 13 cents a share, up from year-earlier earnings of $60.4 million, or 10 cents a share. Adjusted earnings from the chipmaker were 18 cents a share, topping estimates of 10 cents a share. Revenue rose 3% to $954.7 million. Gross margins rose to 54% in the quarter.
Molycorp (MCP - Get Report), the rare earths company, posted a first-quarter adjusted loss of 15 cents a share, narrower than the loss of 31 cents analysts were expecting. Revenue rose 9% to $146.4 million; analysts forecast revenue of $135.6 million. 5 Stocks Under $10 Ripping Higher
-- Written by Joseph Woelfel
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