Dell IB Decks

Nice write-up from dealbreaker on the Dell situation:

http://dealbreaker.com/2013/04/dells-board-was-so-fed-up-with-its-managers-that-it-sold-them-the-company/

And great find on the links for the IB decks:

JP Morgan http://www.sec.gov/Archives/edgar/data/826083/000119312513134593/d505474dex99c5.htm

GS
http://www.sec.gov/Archives/edgar/data/826083/000119312513134621/d505474dex99c24.htm

Evercore (Dell's selection)
http://www.sec.gov/Archives/edgar/data/826083/000119312513134593/d505474dex99c4.htm

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Comments (36)

 
Apr 2, 2013 - 12:08am

fishoil:
Why is Dell referred to as Denali in the decks?

Code name

[quote=Dirk Dirkenson]Shut up already. Your mindless, reflexive responses to any critical thought on this are tedious. You're also probably a woman, given the name and "xoxo" signoff, so maybe the lack of judgment is to be expected.[/quote]
 
Apr 2, 2013 - 12:09am

This book is pretty hott

[quote=Dirk Dirkenson]Shut up already. Your mindless, reflexive responses to any critical thought on this are tedious. You're also probably a woman, given the name and "xoxo" signoff, so maybe the lack of judgment is to be expected.[/quote]
 
Apr 2, 2013 - 12:36am

blastoise:
Who do you guys think is the best, Evercores hands down.

Evercore's presentation has a crisper, cleaner aesthetic, but their color palette is not as pretty as JP's.

Some of the color contrasts are stark and aesthetically, I would prefer to see a more pastel-centric color palette. However, that is merely a matter of presentation. With respect to the layout and content, I think Evercore absolutely killed it.

[quote=Dirk Dirkenson]Shut up already. Your mindless, reflexive responses to any critical thought on this are tedious. You're also probably a woman, given the name and "xoxo" signoff, so maybe the lack of judgment is to be expected.[/quote]
 
Apr 2, 2013 - 1:02am

JP takes the cake.

-- "Those who say don't know, and those who know don't say."
 
Apr 2, 2013 - 1:35am

Denali is a code name. The transaction was highly confidential at the time of discussion. If the slide decks were leaked, the stock price of dell would have gone ape shit, so code names are commonly used in situations like this (although it's incredibly easy to figure out who Denali is given the comps it was benchmarked with.).

 
Apr 2, 2013 - 2:05am

lulzbanker:
Denali is a code name. The transaction was highly confidential at the time of discussion. If the slide decks were leaked, the stock price of dell would have gone ape shit, so code names are commonly used in situations like this (although it's incredibly easy to figure out who Denali is given the comps it was benchmarked with.).

Not to mention the stock price graphs in each deck. Haha.

 
Apr 2, 2013 - 12:18pm

triplectz:
Am I the only one who thinks Goldman's is hideous? Especially slides 14-15? Not to put Benjamin and Michael on blast or anything.

I'm sorry... What exactly is hideous about those pages?

[quote=Dirk Dirkenson]Shut up already. Your mindless, reflexive responses to any critical thought on this are tedious. You're also probably a woman, given the name and "xoxo" signoff, so maybe the lack of judgment is to be expected.[/quote]
 
Apr 2, 2013 - 3:01pm

Louboutins and Leverage:
triplectz:
Am I the only one who thinks Goldman's is hideous? Especially slides 14-15? Not to put Benjamin and Michael on blast or anything.

I'm sorry... What exactly is hideous about those pages?

Content is fine, but the actual slides are cluttered to the point of being unreadable. No white space, no boxes breaking up the slide into discrete sections, probably 500+ words worth of just text. And then check out how "Illustrative Summary" is almost running into the last line of the header section. Then you have this sort of awkward floating EV box with the multiples box floating off to the side. It's like they took three separate slides and tried to cram it into one page.

Check out Evercore's for a comparison. Nice and clean.

 
Apr 2, 2013 - 8:29pm

Louboutins and Leverage:
triplectz:
Am I the only one who thinks Goldman's is hideous? Especially slides 14-15? Not to put Benjamin and Michael on blast or anything.

I'm sorry... What exactly is hideous about those pages?


Someone must work at Goldman....we know you must have put a lot of effort into those slides, but next time try a little harder.
 
Apr 5, 2013 - 12:30am

triplectz:
Am I the only one who thinks Goldman's is hideous? Especially slides 14-15? Not to put Benjamin and Michael on blast or anything.

Agree, but it doesn't matter. when i was an analyst i did a deal where we worked with 3 other banks and have also seen books from many other banks, can definitely say GS/MS have the worst in terms of overall presentation, spotted with formatting/textual errors. although it's not like the Company actually cares about this - content, relationship with client, and give the clients the services they need are key.

 
Apr 2, 2013 - 10:56pm

crawl_b4-bawl:
A dumb question for you guys:

What is the context for these decks. Were these decks made during the bake-off? (In which case it makes sense that Evercore won the job to advise the special committee)

Pretty sure they are fairness opinions, revolving around the LBO proposal. Hence why they were published on EDGAR.

 
Apr 3, 2013 - 1:11am
[quote=Dirk Dirkenson]Shut up already. Your mindless, reflexive responses to any critical thought on this are tedious. You're also probably a woman, given the name and "xoxo" signoff, so maybe the lack of judgment is to be expected.[/quote]
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