Dell to go private following $25 billion buyout
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During a special meeting today, Dell shareholders approved the proposal by Michael Dell to acquire the company in partnership with Silver Lake Partners. The stockholders will receive $13.75 for each share of the company, plus a cash dividend of $0.13 per share, bringing the total value of the sale to approximately $24.9 billion.
The sale was thought to be official earlier this year, but a counteroffer by American investor, Carl Icahn, changed those plans and forced Michael Dell to increase his offer. Icahn eventually pulled back his bid due to a belief that it would not be approved by shareholders, and Dell managed to wrestle back control of the company that he first made public in 1988.
The sale comes on the heels of last month's disappointing numbers, where the company saw a 72% dip in profits for the quarter. Desperate for a change in pace, Michael Dell believes this purchase will allow them to serve customers "with a single-minded purpose", away from the ups and downs of Wall Street.
The sale is expected to close by the 3rd quarter of 2014.