Dell Approves $24.9 Billion Buyout, Hands Reigns Back To Founder Michael Dell
The deal will be for $13.75 per share with a 13-cent-per-share dividend, which is a dime per share higher than his original offer of $13.65 per share. The deal should close before Dell’s third fiscal quarter closes.
In a statement, Michael Dell said, “I am pleased with this outcome and am energized to continue building Dell into the industry’s leading provider of scalable, end-to-end technology solutions. As a private enterprise, with a strong private-equity partner, we’ll serve our customers with a single-minded purpose and drive the innovations that will help them achieve their goals.”
Michael Dell initially extended a buyout offer back in February in conjunction with investment firm Silver Lake Management, but Southeastern Asset Management and Icahn objected, believing that the company’s value was higher than what Mr. Dell was offering. Eventually, opponents to the buyout felt that the battle was unwinnable and allowed it proceed.