Dell drama takes new twist with 2 new buyout bids

FILE - In this Thursday, March 26, 2009 file photo, Michael Dell, Chairman and CEO of Dell Inc., reacts to a question during a news conference in Beijing. Dell said Monday, March 25, 2013, that a special board committee plans to negotiate with Blackstone Group and activist investor Carl Icahn over new acquisition bids for the computer maker that rival an offer of more than $24 billion from an investor group that includes founder Michael Dell. (AP Photo/Alexander F. Yuan, File)

FILE - In this Thursday, March 26, 2009 file photo, Michael Dell, Chairman and CEO of Dell Inc., reacts to a question during a news conference in Beijing. Dell said Monday, March 25, 2013, that a special board committee plans to negotiate with Blackstone Group and activist investor Carl Icahn over new acquisition bids for the computer maker that rival an offer of more than $24 billion from an investor group that includes founder Michael Dell. (AP Photo/Alexander F. Yuan, File)

SAN FRANCISCO (AP) ? The two new suitors pursuing Dell have a message for Wall Street: Don't allow Michael Dell to hoard potential gains from the PC maker's expansion into more profitable technology products and services.

Competing bidders Carl Icahn and the Blackstone Group LP are wooing Dell shareholders with an offer of a little more money today coupled with the possibility of even bigger returns if the struggling personal computer maker can pull off the turnaround envisioned by its CEO and founder, Michael Dell and a group of investors led by Silver Lake Partners.

The new bidders are also making a statement by proposing to maintain Dell Inc.'s status as a publicly traded company.

The long-awaited challenge to Michael Dell and Silver Lake began to unfold Monday with the announcement that Icahn, a billionaire investor with a long history of corporate confrontation, and the Blackstone, a major buyout firm, had submitted separate alternatives in an attempt to scuttle a $24.4 billion sales agreement that has been in place since Feb. 5.

If completed, the original deal would end Dell's 25-year history as a publicly traded company, leaving it entirely owned by Michael Dell, Silver Lake and a handful of other investors. The new bidders are taking advantage of a 45-day window that had been left open for better offers.

Although the details are still sketchy, both Icahn and Blackstone are offering to buy a portion of Dell Inc.'s outstanding stock at prices higher than the $13.65 per share that Michael Dell and Silver Lake have proposed to pay. Icahn is offering $15 per share for up to 58 percent of the company's existing stock while Blackstone will ante up more than $14.25 per share in cash or stock for an unspecified number of shares.

"We intend to work diligently with all three potential acquirers to ensure the best possible outcome for Dell shareholders, whichever transaction that may be," said Alex Mandl, the chairman of a four-person board committee overseeing the sale of the Round Rock, Texas company. For now, the committee is still recommending the deal put forth by Michael Dell and Silver Lake, though they are acknowledging the new offers could end up being more lucrative.

Dell's stock gained 37 cents, or 2.6 percent, to close Monday at $14.51. The shares have been trading above $14 most of this month, signaling that most investors expected alternative bids to emerge.

Monday's developments heighten the uncertainty surrounding Dell, the world's third largest PC maker behind Hewlett-Packard Co. and Lenovo Group. Dell's cloudy future could rattle some corporate customers who may be more willing to do business with HP, Lenovo or other rivals. It also threatens to distract Dell's 111,000 workers at a critical time.

The bidding battle also could culminate in the departure of Michael Dell, who founded the company bearing his name in 1984 while still a teenager attending the University of Texas.

In a statement, Dell's special committee said Michael Dell is willing to work with other parties besides Silver Lake.

Getting Dell's cooperation will be crucial for either Icahn or Blackstone if they hope to gain control of the company, predicted analyst Patrick Moorhead of Moor Insights & Strategy.

"It would be naive to move forward without Michael Dell," Moorhead said. "He is the glue the keeps the place together."

Other analysts fault Michael Dell for not reacting more swiftly to a computing shift unleashed by the 2007 introduction of Apple Inc.'s iPhone and the 2010 release of Apple's iPad. Those products ushered in an era of powerful and elegantly designed mobile devices that are causing consumers and companies to spend less on PCs. The upheaval is crimping Dell's earnings and has left its stock well below its price of $24 when Michael Dell returned for his second stint as CEO in early 2007.

Michael Dell, who would contribute about $4.5 billion in cash and stock to finance his preferred deal, believes he will be in a better position to overhaul the company if he doesn't have to worry about catering to Wall Street's fixation on short-term earnings and revenue growth.

Icahn, Blackstone and other current Dell shareholders also believe the company can bounce back. They just don't want to see Dell sold at a perceived discount that would deny existing shareholders the benefits of a potential comeback.

Under Icahn's proposal, his group would spend more than $15.6 billion to buy 1.04 billion shares of Dell stock, leaving about 900 million of the existing shares still on the market. If Icahn didn't spend all the money earmarked for buying 58 percent of the outstanding stock, the remaining amount would be distributed in the form of a special dividend. Icahn said he and his affiliates currently own about $1 billion worth of Dell's stock.

Blackstone's proposal doesn't spell out how much money it would spend to buy Dell's existing stock, nor does it estimate how much stock would remain trading on the Nasdaq exchange. The New York firm said it hopes to team up with Michael Dell and also hopes to work with other major company shareholders, including Southeastern Asset Management and the T. Rowe Price Group. Both of those shareholders, who combined own nearly 13 percent of Dell's stock, oppose the offer currently backed by Michael Dell.

In a letter to Dell's special committee, Blackstone predicted its bid would be more "compelling" than the deal proposed by Michael Dell and Silver Lake.

If the deal with Michael Dell and Silver Lake falls apart, they would be owed a $180 million breakup fee.

The flexibility of the two new bids appeals to Bill Nygren, manager of the Oakmark Fund and affiliates, which owns about 25 million shares of Dell stock.

"Given the wide range of estimated values for Dell shares, if all else is nearly equal, we believe a proposal is superior if it allows investors who want to remain invested in Dell the opportunity to do so," Nygren said.

Dell shareholders who choose to retain some of the company's stock will be assuming the risk that things could get even worse if the turnaround plan flops and the sales in the slumping PC market deteriorate even more.

Although Dell has expanded into business software, technology consulting services and storage products, about 70 percent of its revenue remains tied to PCs and peripheral products, estimated Sterne Agee analyst Shaw Wu. That's one of the main reasons Dell's stock price had slipped below $10 before talk of a buyout began swirling earlier this year.

"What is going on now is quite good for Dell shareholders," Wu said. "It's a bit like a bailout."

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/495d344a0d10421e9baa8ee77029cfbd/Article_2013-03-25-Dell-Acquisition/id-95df358cef38455d8e4991f2c4f3f2ef

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Genetic analysis saves major apple-producing region of Washington state

Mar. 22, 2013 ? In August 2011, researchers from the U.S. Department of Agriculture were presented with a serious, and potentially very costly, puzzle in Kennewick, Wash. Since Kennewick lies within a region near the heart of Washington state's $1.5 billion apple-growing region, an annual survey of fruit trees is performed by the Washington State Department of Agriculture (WSDA) to look for any invading insects. This time the surveyors discovered a crabapple tree that had been infested by a fruit fly that they couldn't identify.

It was possible that the fly's larvae, eating away inside the crabapples as they grew toward adulthood, belonged to a relatively harmless species that had simply expanded its traditional diet. In that case, they posed little threat to the surrounding apple orchards in central Washington.

But the real fear was that they represented an expansion in the range of the invasive apple maggot fly, known to biologists as Rhagoletis pomonella. If so, then this would trigger a costly quarantine process affecting three counties in the state.

"In one of the world's leading apple-growing regions, a great deal of produce and economic livelihood rested on quickly and accurately figuring out which one of the flies was in that tree," says Jeffrey Feder, professor of biological sciences and a member of the Advanced Diagnostics & Therapeutics initiative (AD&T) at the University of Notre Dame. "And for these flies, it can sometime turn out to be a difficult thing to do."

As Feder and his team, including graduate student Gilbert St. Jean and AD&T research assistant professor Scott Egan, discuss in a new study in the Journal of Economic Entomology, the WSDA sent larvae samples to Wee Yee, research entomologist at the USDA's Yakima Agricultural Research Laboratory in Wapato, Wash. One larva was sent to Notre Dame for genetic analysis. The study sought to compare Notre Dame's genetic analysis to Yee's visual identification after the larvae had developed into adults. Fortunately, the fly identified, Rhagoletis indifferens, is not known to infest apples. The Notre Dame group further demonstrated that it is possible to genetically identify the correct fly species within two days, compared to the four months required to raise and visually identify the fly.

A separate study led by the Feder lab details how the apple maggot fly was recently introduced into the Pacific Northwest region of the U.S., likely via larval-infested apples from the East. The flies have subsequently reached as far north as British Columbia, Canada, and as far south as northern California. So far, though, the apple maggot has not been reported infesting any commercial apple orchards in central Washington.

"The correct identification of the larvae infesting crabapple trees saved the local, state and federal agencies thousands of dollars in monitoring, inspection and control costs," Yee said. "The cost to growers if the apple maggot had been found to be established in the region would have been very substantial (easily over half a million dollars), but the rapid diagnostic test developed at Notre Dame suspended the need to proceed with the rulemaking process, saving staff and administrative costs."

The Feder team is continuing to refine the genetic assays to develop a portable test that would be valuable in apple-growing regions, as well as ports of entry where fruit infested by nonlocal insect species can be rapidly detected, to prevent the spread of the insect.

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Source: http://feeds.sciencedaily.com/~r/sciencedaily/most_popular/~3/EdUmIXVehyk/130323152914.htm

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Achebe and politics ? The Punch - Nigeria's Most Widely Read ...

Prof. Chinua Achebe

When the news of Prof. Chinua Achebe?s death broke on Friday morning, many people needed to confirm it. It wasn?t because they felt he was immortal, but because the thematic thrust of his latest and last literary gift to the world, his civil war memoir ? There Was a Country: A personal history of Biafra ?would only have been taken up by a warrior ready to deflate his arrows on the war front.

Achebe, 82, played a critical role in establishing post-colonial African literature. His seminal novel, Things Fall Apart, often cited as the most read book in modern African literature, has been read by students all over the world and translated into 50 languages worldwide.

His death on Thursday night is a big blow to the Ndigbo. The death of Dim Chukwuemeka Odumegwu Ojukwu in 2011 had left the Igbo with fewer voices that can rally them together. Although Achebe was not known to dabble in partisan politics, he was the voice for not only his people, but the African continent. Also, his death has depleted the rank of older generation Nigerian writers.

But then, the Iroko of African literature had been nursing ailing health for some time. He was involved in an accident that left him partially disabled in 1990.

In spite of that the Ogidi, Anambra State-born writer, had been in the news of recent.

The novel, There Was a Country: A personal history of Biafra, released into the literary market late last year, stirred the hornet?s nest.? Achebe, (born Albert Chinualumogu Achebe) and known as the Onwa Ndigbo, in his characteristic easy-to-understand style, had dug into the civil war era and come up with a literature that some claimed could cause disaffection in the polity.? In the war memoir, he accused among others, wartime Head of State, Gen. Yakubu Gowon, and the then Finance Minister, Chief Obafemi Awolowo, of carrying out genocide against the Igbo.

Of course, this drew the ire of a number of Nigerians. Many of them slammed the renowned author, chief among them, a former commissioner for works, Alhaji Femi Okunnu, who flayed Achebe for reopening old wounds.

He said, ?I feel a bit disappointed at the statement credited to one of Nigeria?s leading literary lights and, indeed, one of Africa?s leading lights, Prof. Chinua Achebe. I am quite disappointed about the book alleged to have been written by him about a subject in which I played a leading role on the federal side.

?The allegation about Chief Obafemi Awolowo starving the Igbo-speaking Nigerians is totally false. Chief Awolowo was not actively involved in the peace talks.?

However, Achebe?s compatriot and brother in the literary world, the Nobel laureate, Prof. Wole Soyinka, backed Achebe. Soyinka, in an interview published in The Telegraph of London, said the Igbo were victims of genocide during the three-year civil war. He justified the secession bid and described Biafrans as a people who had been abused.

He said, ?Of course I used my weapon, which was writing, to express my disapproval of the (Biafran) civil war into which we were about to enter. These were people who?d been abused, who?d undergone genocide, and who felt completely rejected by the rest of the community, and therefore decided to break away and form a nation of its own.?

Of course, this would not be the first time Achebe?s work would stir controversy. His first novel which made him popular worldwide, Things Fall Apart, was written to rebut the portrayal of Africa as a dark continent inhabited by cultureless people in Joseph Conrad?s novel, Heart of Darkness. In Things Fall Apart, which could be described as the great Nigerian novel, Achebe painted a true account of a traditional African society with its culture, traditions and laws. His other works, No Longer at Ease, Arrows of God and many others explored the African life. He was also the conscience of his society as can be gleaned from his works.

Apart from Achebe?s great literary achievement, he would be remembered as a man of character, who refused not one, but two national honours because he was not at peace with governance in Nigeria.

He had persistently reminded those in authorities that they had abdicated their duties and slammed them for instituting and sustaining corruption.

He protested the policies of former President Olusegun Obasanjo and incumbent President Goodluck Jonathan, by rejecting the two national honours they offered him in 2004 and 2011 respectively.

The Jonathan administration in 2011, offered him Nigeria?s third highest honour, The Commander of the Federal Republic.

In his rejection statement, Achebe noted, ?The reasons for rejecting the offer when it was first made have not been addressed, let alone solved. It is inappropriate to offer it again to me. I must therefore regretfully decline the offer again.?

In 2004, Achebe had stated in a letter to President Obasanjo, ?I write this letter with a very heavy heart. For some time now, I have watched events in Nigeria with alarm and dismay. I have watched particularly the chaos in my own state of Anambra where a small clique of renegades, openly boasting its connections in high places, seems determined to turn my homeland into a bankrupt and lawless fiefdom.? I am appalled by the brazenness of this clique and the silence, if not connivance, of the Presidency.

?Forty three years ago, at the first anniversary of Nigeria?s independence I was given the first Nigerian National Trophy for Literature. In 1979, I received two further honours ? the Nigerian National Order of Merit and the Order of the Federal Republic ? and in 1999 the first National Creativity Award.

?I accepted all these honours fully aware that Nigeria was not perfect; but I had a strong belief that we would outgrow our shortcomings under leaders committed to uniting our diverse peoples.? Nigeria?s condition today under your watch is, however, too dangerous for silence. I must register my disappointment and protest by declining to accept the high honour awarded me in the 2004 Honours List.

?Twenty-seven years ago, I wrote a pamphlet called ?Trouble in Nigeria?, which was about corruption. Today, matters are worse because they have been allowed to get worse.?

Achebe, however, had won the inaugural edition of the Nigerian National Merit Award in the mid-1980s. In 1982, he was awarded an honorary degree from the University of Kent. In 1992, he became the first living author to be represented in the Everyman?s Library collection published by Alfred A. Knopf.

He has been called ?the father of modern African writing? and many books and essays have been written about his work in the past 50 years.

According to Wikipedia, Achebe was the recipient of over 30 honorary degrees from universities in England, Scotland, Canada, South Africa, Nigeria and the United States, including Dartmouth College, Harvard, and Brown University.

?He has been awarded the Commonwealth Poetry Prize; an Honorary Fellowship of the American Academy of Arts and Letters (1982); a Foreign Honorary Member of the American Academy of Arts and Sciences (2002); the Nigerian National Order of Merit (Nigeria?s highest honour for academic work); and the Peace Prize of the German Book Trade. The Man Booker International Prize 2007 and the 2010 Dorothy and Lillian Gish Prize are two of the more recent accolades Achebe has received.

Prof. Robert Gibson once said that the Nigerian author ?is now revered as Master by the younger generation of African writers and it is to him they regularly turn for counsel and inspiration.?

Many writers of succeeding generations regard his works as having paved the way for their efforts. Even outside of Africa, his impact resonates strongly in literary circles.

Novelist Margaret Atwood called him ?a magical writer ? one of the greatest of the twentieth century?.? Poet Maya Angelou lauded Things Fall Apart as a book wherein ?all readers meet their brothers, sisters, parents and friends and themselves along Nigerian roads?.

Nelson Mandela, recalling his time as a political prisoner, once referred to Achebe as a writer ?in whose company the prison walls fell down.?

Source: http://www.punchng.com/news/achebe-and-politics/

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Pre-caffeine tech: Dongle jokes, freaked-out dogs!?

Helen A.S. Popkin ? ? ? 6 hrs.

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Our pre-caffeine roundup is a collection of the hottest, strangest, and most amusing stories of the morning.

You can now secure your Apple ID with two-step verification.

Google's working on a smart watch, too ... of course.

Facebook's testing a way to nag you until you update your status.

And Facebook also added weather forecast feature ... so you never need to leave!

Drones crash (a lot) ... but the military's safety lessons may help civilians. So there's that!

In related news, this plan from the U.S. government calls for more scanning of private Web traffic and email.

Meanwhile, "the hype has never been hotter for [Bitcoin], the Internet's No. 1 virtual currency. Is this the beginning of the end?"

Here's why you should wear red in your online dating profile.

Here's how ?dongle? jokes got two people fired?and led to DDoS attacks.

And in closing: 33 Dogs That Cannot Even Handle It Right Now!

Compiled by Helen A.S. Popkin, who invites you to join her on Twitter and/or Facebook.

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Obama appeal to Israeli public means risk

JERUSALEM (AP) ? In a landmark speech to young Israelis this week, the visiting U.S. President Barack Obama delivered an unorthodox appeal couched behind warm words of affinity for their country: Urge your leaders to change their ways and take bold new steps to reach peace with the Palestinians.

The message, potentially risking the ire of Israeli Prime Minister Benjamin Netanyahu, marked a gamble by the U.S. leader as he searches for ways to restart long-stalled Mideast peace efforts. With no breakthroughs coming out of the visit on the Palestinian front, Obama must now hope that the power of the presidency, combined with the goodwill he accumulated during the 48-hour visit, can persuade a still-skeptical Israeli leadership to abandon some deeply entrenched views and get negotiations moving again.

After a first term plagued by repeated run-ins with Netanyahu and perceptions among Israelis that he was cool to their cause and perhaps even hostile to their prime minister, Obama certainly succeeded in his goal of resetting the relationship. He was treated like a rock star in meetings with Israeli leaders and everyday people, and his every moment was followed by a fawning Israeli media.

"Israel is in Love," Yediot Ahronot, Israel's largest daily, wrote in a headline Friday.

Obama and Netanyahu, who have appeared uncomfortable together in the past, smiled, joked and exchanged pleasant small talk throughout the visit, with much of the conversation caught on live microphones permitted to join them. Netanyahu seemed almost giddy at times.

But hidden behind the public displays of affection, Obama delivered a powerful message. In the keynote address to Israeli young adults, he implored the gathering to press their leaders to take risks for peace.

He also had some tough words for his audience, criticizing Israeli settlements as "counterproductive" and speaking movingly of Palestinians suffering under Israeli military occupation.

"Let me say this as a politician. I can promise you this. Political leaders will never take risks if the people do not push them to take some risks," he said. "Ordinary people can accomplish extraordinary things."

While addressed at the Israeli public, the nationally broadcast speech was also aimed at Netanyahu. On the most public of stages, Obama embraced the key argument of Israel's left wing: that the status quo, in which Israel controls millions of disenfranchised Palestinians, is unsustainable and that making concessions for peace is good not only for the Palestinians, but vitally needed for Israel itself to be able to survive.

Obama's speech, even the lines most critical of Israel, was repeatedly interrupted by applause from the preselected audience largely comprised of university students. Perhaps the loudest ovation came when he called for the establishment of a Palestinian state.

"The speech gave young people a new spirit to push for a two-state solution," said Isaac Shickman, a 24-year-old Jerusalem university student who was in the audience. "It made me think of what I can do to promote peace and change in the country and the region."

Handled improperly, Obama's gambit might have backfired. Early on in his presidency, Obama's public criticism of Israeli settlements in the West Bank and east Jerusalem raised tensions with Israel and contributed to more than four years of deadlock in peace efforts.

The Palestinians claim both areas, captured by Israel in the 1967 Mideast war, for their future state and have refused to negotiate while Israel continues to expand its settlements there.

Julian Zelizer, a historian at Princeton University, said Thursday's speech came straight out of Obama's playbook back home.

"This was President Obama using some of the tactics that he uses here, meaning trying to speak directly to the people to pressure the leaders to do something, rather than focusing on the leaders themselves," he said.

He said the tactic risked antagonizing Netanyahu, but that Obama deftly handled the visit. Obama's warm words for Israel, his repeated pledges to Israeli security, a visit to the Yad Vashem Holocaust memorial and the many joint interests of the two countries all helped blunt potential criticism.

"It's a successful speech, but it's a far cry from solving the problem," he said.

In a statement, Netanyahu's office said he "shares President Obama's view regarding the need to advance a peace that ensures the security of Israel's citizens." It would not comment on Obama's appeals to the public.

Israelis themselves were divided over the significance of the speech.

"It was a seminal speech, even an historic one," wrote Shalom Yerushalmi, a commentator in the Maariv daily. "Will it work? Who knows?"

Tzipi Livni, the leader of a small dovish political party who is Netanyahu's new chief negotiator, said she hoped Obama's message would rally more Israelis to the country's peace camp.

"I would be very happy if Israeli citizens who heard him were convinced that this is what needs to be done," she said.

But Naftali Bennett, a Cabinet minister who leads a pro-settler party, rejected the speech. "A Palestinian state is not the right way," he wrote on his Facebook page.

Such divisions in the Cabinet are a key reason why it seems unlikely that Netanyahu will make any bold new concessions to restart talks. U.S. Secretary of State John Kerry is expected back in Israel on Saturday night to discuss the matter.

During the trip, Obama also had some tough words for the Palestinians. While criticizing Jewish settlements, Obama told the Palestinians to stop using the issue as an "excuse" to do nothing and stressed that disagreements can be resolved only through negotiations.

Hanan Ashrawi, a senior Palestinian official, said she found Obama's visit disappointing, but not surprising.

"I think the purpose of the visit, clearly, was to show support and identification with Israel," she said.

"The question has to be answered by the Americans, and the international community. How are they going to proceed from here?" she said. "It's not enough to say Kerry will be here frequently."

American presidents have a long history of using their position to cajole foreign audiences.

"I think presidents rightly see it as part of their duty," said political historian Evan Cornog, dean of the School of Communication at Hofstra University in Hempstead, New York. "The U.S. is a nation of ideas."

In 1963, John F. Kennedy paid a historic visit to a divided Berlin to show solidarity with the people of West Germany. A quarter of a century later, Ronald Reagan famously urged Soviet leader Mikhail Gorbachev to "tear down" the Berlin Wall.

More recently, George W. Bush spoke of spreading democracy in the Middle East and turning Iraq into a model democracy. Early in his term, Obama traveled to Cairo in hopes of ushering in a new era of relations with the Muslim world.

Historians have debated whether these speeches led to changes, such as the collapse of communism or the rise of the Arab Spring, or whether they were simply signs of the times.

Cornog said assessing the impact of a president's words is hard to quantify but that Obama's appeal could play a role in swaying Israeli public opinion, particularly by bolstering the Israeli left.

"I certainly think the bully pulpit, that ability of the president to have an audience and to put forth arguments, it does mean something," he said.

Source: http://news.yahoo.com/obama-appeal-israeli-public-means-risk-203657135.html

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White House praises Senate-passed budget

WASHINGTON (AP) ? The White House is praising the $3.7 trillion budget Democrats squeezed through the Senate early Saturday.

But spokesman Jay Carney isn't raising too much hope for compromise with the GOP-led House, which previously passed a competing budget that makes deep cuts to social programs.

Carney says in a statement issued Saturday morning that the House budget ? quote? "refuses to ask for a single dime of deficit reduction from closing tax loopholes for the wealthy and well-connected."

He adds that President Barack Obama will work with both sides to see if there is an opportunity to reach a deal.

Although his major proposals are well-known, Obama has not yet released his budget for the coming year. That's expected in early April.

Source: http://news.yahoo.com/white-house-praises-senate-passed-budget-150233796--politics.html

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