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LisaGModerator
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It's Official, Dell is Going Private
      02/05/13 08:52 AM

The folks in Round Rock, Texas made it official: Dell is going to be a privately held company, with founder Michael Dell and Silver Lake (an investment firm) buying the company back from its shareholders. Microsoft is indeed providing a 2 billion dollar loan to help make it happen.




Here's some info from the press release, which you can read here:

"Dell Inc. today announced it has signed a definitive merger agreement under which Michael Dell, Dellís Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake, will acquire Dell.

Under the terms of the agreement, Dell stockholders will receive $13.65 in cash for each share of Dell common stock they hold, in a transaction valued at approximately $24.4 billion. The price represents a premium of 25 percent over Dellís closing share price of $10.88 on Jan. 11, 2013, the last trading day before rumors of a possible going-private transaction were first published; a premium of approximately 35 percent over Dellís enterprise value as of Jan. 11, 2013; and a premium of approximately 37 percent over the average closing share price during the previous 90 calendar days ending Jan. 11, 2013. The buyers will acquire for cash all of the outstanding shares of Dell not held by Mr. Dell and certain other members of management.

The Dell Board of Directors acting on the recommendation of a special committee of independent directors unanimously approved a merger agreement under which Michael Dell and Silver Lake Partners will acquire Dell and take the company private subject to a number of conditions, including a vote of the unaffiliated stockholders. Mr. Dell recused himself from all Board discussions and from the Board vote regarding the transaction.

A Special Committee was formed after Mr. Dell first approached Dellís Board of Directors in August 2012 with an interest in taking the company private. Led by Lead Director Alex Mandl, the Special Committee retained independent financial and legal advisors J.P. Morgan and Debevoise & Plimpton LLP to advise the Special Committee with respect to its consideration of strategic alternatives, the acquisition proposal and the subsequent negotiation of the merger agreement. "




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Lisa Gade
Editor in Chief, MobileTechReview

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* It's Official, Dell is Going Private LisaGModerator 02/05/13 08:52 AM
. * * Re: It's Official, Dell is Going Private Jacob_SpindelModerator   02/05/13 11:07 AM

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