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. after pushing for most of this year to take the computer maker private.
Shareholders will get $13.75 in cash for each common share and a special dividend of 13 cents a share for a total of $13.88, the company said in a statement today. Dell was trading lower than $9 before Bloomberg News reported in January that the CEO was seeking to turn the third-largest personal-computer maker into a private company.
CEO Dell and Silver Lake prevailed in a protracted takeover struggle against billionaire financier Carl Icahn and other investors who wanted more for their stakes. Dell is taking the company he founded in 1984 private to bolster its standing in the troubled PC market, where consumers are shunning laptops and desktops in favor of mobile devices, and expand in computer hardware and software for corporate-data centers.
“Today, Dell enters an exciting new chapter as a private enterprise,” CEO Dell said in the statement. “Our 110,000 team members worldwide are 100 percent focused on our customers and aggressively executing our long-term strategy for their benefit.”
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.
Critics say the deal undervalued the company but the transaction was approved by Dell shareholders in September.
(The Associated Press and Bloomberg News contributed to this report).