Icahn's offer includes purchasing $2 billion of the firm's shares at $15-per-share and offering $2 billion of cash equity financing. This would be in addition to the shares he and his firm currently own. The Blackstone group offer is to acquire Dell at $14.25-per-share, but includes the option for existing shareholders to remain on board.
Dell's board says that although either proposal could be a superior to Michael Dell's, it "has not determined that either the Blackstone proposal or the Icahn proposal in fact constitutes a superior proposal under the existing merger agreement." Alex Mandl, Chairman of the Special Committee in charge of reviewing the offers gave a statement acknowledging the offers:
"We are gratified by the success of our go-shop process that has yielded two alternative proposals with the potential to create additional value for Dell shareholders. We intend to work diligently with all three potential acquirers to ensure the best possible outcome for Dell shareholders, whichever transaction that may be."Should either of the rival offers be accepted, Michael Dell is at risk of losing control of the company he founded. Although Dell is a currently a public company, Michael Dell has nearly always held the CEO spot, apart from a brief period between 2004-2007 when he stepped down but remained Chairman.