BY THE WALL STREET JOURNAL
As of Thursday, about 77% of the shares eligible to count were
voted in the proposal to take Dell Inc. (DELL) private, according
to people familiar with the matter.
That figure doesn't include shares controlled by founder and
Chief Executive Michael Dell.
The turnout was lower than expected, the people said. That is
important because an abstaining vote counts as a "no" vote in this
deal.
Dell quickly adjourned a special shareholder meeting Thursday,
delaying the vote on the company's proposed $24.4 billion buyout by
Mr. Dell.
The meeting was convened at 8:12 a.m. CDT on the company's
campus in suburban Austin, Texas. It was adjourned a few minutes
later.
So-called proxy solicitors, who try to persuade shareholders on
how to vote on corporate matters, have been pressing their clients'
cases for weeks in the hotly contested vote.
Richard Pzena, head of Pzena Investment Management LLC and an
outspoken detractor on the deal for months, said there was a push
just this week to flip his vote. Mr. Pzena said his wife picked up
a message from someone in the buyout camp on their home phone,
which surprised him.
"I just moved into the city a year ago," Mr. Pzena said,
referring to New York City. "I don't even know my own home-phone
number."
Mr. Pzena's firm held about 0.7% of Dell as of the end of March,
enough to make it the 20th biggest holder, according to
FactSet.
Mr. Pzena said he didn't return the message and voted against
the deal.
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