Dell finally goes private as vote on deal passes
(City A.M. (UK) Via Acquire Media NewsEdge) STRUGGLING PC manufacturer Dell has been taken private, after investors gave the nod to a $25bn (£16bn) deal led by founder Michael Dell.
Shareholders voted to accept Michael Dell's offer of $13.88 a share yesterday at a special shareholder meeting.
"I am pleased with this outcome… 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 said in a statement.
Dell's board accepted the buyout offer in February, but the vote was postponed three times as opposition forced Michael Dell to raise his offer price and add a $0.13 special dividend to the deal.
Activist investor Carl Icahn had fought the deal for months, before calling the battle "impossible to win" and accepting defeat against Michael Dell on Tuesday.
Alex Mandl, chairman of the special committee formed to evaluate the company's strategic alternatives, said, "By voting in favour of the transaction, the stockholders have chosen the best option to maximize the value of their shares."
(c) 2013 City A.M.
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