A $24.4 Billion Bet on Dell’s Future

Michael Dell is taking the company that bears his name private. As rumored, Dell has signed a leveraged buyout agreement worth $24.4 billion.

Dell, the company’s founder, chairman and CEO, in partnership with global technology investment firm Silver Lake Partners and backed in part with Microsoft’s money, will acquire Dell. Dell stockholders will receive $13.65 in cash for each share of Dell common stock they hold.

The price represents a 25 percent premium over Dell’s closing share price of $10.88 on Jan. 11, 2013. The Dell board unanimously approved a merger agreement, which will ultimately see Dell and Silver Lake take the company private.

It’s not a done deal yet. The merger agreement provides for a so-called go-shop period, during which the Special Committee — with the assistance of Evercore Partners — will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. The initial go-shop period is 45 days. The agreement also must be approved by a vote of unaffiliated shareholders — via redwolf.newsvine.com

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