From CNET News.com: It's official: Dell is being taken private for $24.4 billion, or $13.65 a share in cash, allowing the company to turn itself around away from shareholder scrutiny. Michael Dell, who owns about 14 percent of Dell's common shares, teamed up with Silver Lake Partners to acquire the company. Microsoft also kicked in a $2 billion loan. Following completion of the transaction, Michael Dell will continue to lead the company as CEO. He also will maintain a significant equity investment in the company by contributing his shares of Dell to the new company, as well as by making a "substantial" additional cash investment. Here's what Michael Dell had to say today, via press release: "I believe this transaction will open an exciting new chapter for Dell, our customers and team members. We can deliver immediate value to stockholders, while we continue the execution of our long-term strategy and focus on delivering best-in-class solutions to our customers as a private enterprise. Dell has made solid progress executing this strategy over the past four years, but we recognize that it will still take more time, investment and patience, and I believe our efforts will be better supported by partnering with Silver Lake in our shared vision. I am committed to this journey and I have put a substantial amount of my own capital at risk together with Silver Lake, a world-class investor with an outstanding reputation. We are committed to delivering an unmatched customer experience and excited to pursue the path ahead." Dell's shares have soared since details first emerged about a possible deal. The deal price represents a 25 percent premium over the company's closing price of $10.88 on Jan. 11, the last day before Bloomberg first reported a potential deal. View: Article @ Source Site |
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