Dell’s stockholders approve buyout by founder and Silver Lake
Following a shareholder vote, Dell's buyout by Michael Dell and private equity firm Silver Lake has been approved.
In connection with the transaction, Dell stockholders will receive $13.75 in cash for each share of Dell common stock they hold, plus payment of a special cash dividend of $0.13 per share to stockholders of record as of a date prior to the effective time of the merger, for total consideration of $13.88 per share in cash. The agreement also guarantees the regular quarterly dividend of $0.08 per share for the fiscal third quarter would be paid to holders of record as of a date prior to closing. The total transaction is valued at approximately $24.9 billion.
The transaction is expected to close before the end of the third quarter of Dell's 2014 full year, subject to regulatory approval.
Rival bidder and activist investor Carl Icahn pulled out of the race against founder Michael Dell which he called "impossible to win".
Michael Dell, chairman and CEO of Dell:
As a private enterprise, with a strong private-equity partner, we’ll serve our customers with a single-minded purpose and drive the innovations that will help them achieve their goals.