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 This material may not be published, broadcast, rewritten, or redistributed.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.)
- Silvers Lifts Troy Over UNT, 50-30, In New Orleans Bowl
- Police: “Criminal Santa” Gets Stuck In Chimney During Burglary Attempt
- Ex-Wife Of Lorenzen Wright Charged With Murder In 2010 Death
- Major Media Players Start Commission For Sexual Misconduct
- Dallas Officer Arrested For Family Violence Assault
- 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