Dell Closes On Deal To Go Private
ROUND ROCK (CBSDFW.COM/AP) — Dude, you’re getting a private company.
Michael Dell and investment firm Silver Lake Partners have completed their $24.9 billion buyout of Dell Inc.
The computer company said Tuesday that its shares will stop trading at the end of the day, closing its quarter-century run as a public company.
Company founder Michael Dell hopes to turn around the struggling business as a private company away from the prying eyes of Wall Street. In a statement Michael Dell said, in part, “Our 110,000 team members worldwide are 100-percent focused on our customers and aggressively executing our long-term strategy for their benefit.”
Critics say the deal undervalued the company but the transaction was approved by Dell shareholders in September.
Under the agreement, Dell stockholders are getting $13.75 in cash for each share of Dell common stock they hold. That is in addition to a special cash dividend of 13 cents per share for total consideration of $13.88 per share in cash.
(©2013 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
- Giant Foam Blocks Keep Bridge Approaches From Settling
- Mesquite Special Olympian Wins Silver Medal At World Games
- Changes To Come For S. Garland High School’s Crest
- Family Of Philip Wood Waiting For Confirmation On Plane Debris
- Fort Worth Police Say Suspended Officer Had Sex While On Duty
- Sasquatch Genome Project Reveals Bigfoot Photos
- Tricks To Using The New iPhone Software
- Enter The ‘Show Your Spirit’ Sweepstakes
- Migrating Spiders Sailing Through North Texas Skies
- Texas Lt. Gov. Says Obama Should Be Impeached
- PHOTOS: Your Pet Pictures