Stocks to Watch: Dell, Priceline, Nvidia
NEW YORK -- Carl Icahn and Southeastern Asset Management proposed an alternative offer to a $24.4 billion deal to buy out Dell's
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.
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.
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.
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.
Revenue rose 9% to $146.4 million; analysts forecast revenue of $135.6 million.
-- Written by Joseph Woelfel
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