Dell sale complete
Michael Dell on Tuesday again became the owner of the US computer maker he founded and that bears his name.
After a months-long struggle over the ownership of the company, Michael Dell and the global technology investment firm Silver Lake completed the 24.9-billion-dollar sale, taking the company private. For the first time in 25 years it is no longer a publicly traded company.
“Today, Dell enters an exciting new chapter as a private enterprise,” said Dell in a news release. Dell hopes a restructuring of the company, which has 110,000 employees worldwide, will make it better able to compete in the weakening PC market.
With its common shares no longer trading on Nasdaq, Dell no longer has to consider the concerns of other major shareholders.
Shareholders will receive 13.88 dollars per share, valuing the entire transaction at 24.9 billion dollars. The transaction was approved by Dell’s stockholders at a special meeting September 12.
Prior to taking back ownership of the company, Dell and his partner investment firm tried to sell it. Several large shareholders, including Carl Icahn, complained that the price was too low. A majority of the shareholders only agreed to accept the offer after Dell sweetened it with about an additional half a billion dollars.
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