NEW YORK ( TheStreet) -- Michael Dell and Texas-based private equity firm Silver Lake Partners will increase their bid to acquire personal computer maker Dell (DELL) through a pair of dividends that market watchers say will close the deal.
News of the negotiations and a raised bid came as shareholders gathered for a morning meeting on Friday to vote on the buyout offer.
Shares of the Round Rock, TX-based Dell were higher on the news, gaining 5.29% to $13.64, one cent below the original $13.65 offer price Dell and Silver Lake initially made.
Dell's special committee moved the vote to Sept. 12 on the improved bid.Over and above this week's offer to raise the price to $13.75 per share, the buyout partners are offering a special dividend of 13 cents and another anticipated quarterly dividend of 8 cents, the PC maker's special committee said in a statement early Friday. New terms also reduce the potential breakup fee from $450 million to $180 million, according to the committee statement.
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