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DELL is going private after a $24 Billion buyout

After three weeks of speculation and years of declines, Dell Inc. is going private.

On Tuesday the company announced it had agreed to a buyout led by CEO Michael Dell, who started the company in 1984 in his UT-Austin dorm room, in partnership with the private-equity firm Silver Lake Partners, including a $2 billion chip-in from Microsoft, which counts Dell as one of its most important partners.

By going private, the company won’t have to deal with quarter-to-quarter scrutiny from shareholders as it attempts to turn things around. According to Dell’s press release, the company has been investigating this process since August of 2012, when Michael Dell approached the company’s board of directors with to discuss his interest in taking the company private. From there, a “special committee” was formed to lead Dell through the transition.

dell buyout

Michael Dell said in the announcement that by taking the company private he can give it the “time, investment and patience” to work out its next steps. He will remain the company’s chief executive.

Michael Dell said the following in an official statement regarding the transaction:
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 IS GIVING THE MONEY BACK TO THE SHAREHOLDERS:
Under the terms of the agreement, Dell stockholders will be paid $13.65 per share. That’s 25 percent more than the stock’s price of $10.88 before word of the buyout talks trickled out three weeks ago. But it’s a steep markdown from the shares’ price of $24 six years ago when Michael Dell returned for a second go-round as CEO.

The company can solicit other proposals for 45 days.

 
 
Image source:
http://fortunewallstreet.files.wordpress.com/2013/01/dell.jpeg?w=340&h=255
http://www.slate.com/content/dam/slate/articles/business/moneybox/2013/02/dell_goes_private_leveraged_buyout_will_help_dell_pay_investors_while_minimizing/72245079.jpg.CROP.rectangle3-large.jpg
 

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