Dell profit slides 72% as privatization battle drags on
Dell reported a 72 percent drop in profit on Thursday, a month before an expected shareholder vote that could shape the future of the company.
Dell is in the midst of a battle between founder and CEO Michael Dell, who wants to take Dell private, and a group of discontented shareholders who say he must pay more money in order to do so.
Michael Dell and his investment partner increased their offer slightly last month, to about $24.7 billion, and on Sept. 12 Dell's shareholders are due to vote on whether to accept the proposal. The opponents, led by investor Carl Icahn, still want more money, and it's unclear if the privatization plan will go through. In the meantime, Dell is fighting to improve its financial performance against the backdrop of a declining PC market, a lackluster economy and uncertainty about its future.
