Tech giant Dell is going private

Print
Email
|

by Jessica Vess and Kenneth Null / KVUE.com

kens5.com

Posted on February 5, 2013 at 2:45 PM

ROUND ROCK, Texas -- The deal is done. In an overnight agreement, Tech giant Dell has decided to go private.

Dell officials released a written statement Tuesday morning. It confirms that Dell, Inc. passed through its final hurdle to go from public to private overnight. The deal is worth about $24.4 billion.
 
Founder, Chairman and CEO Michael Dell is buying the company, but he's not doing it alone. Dell is partnering with an investment firm called Silver Lake.
 
Dell says its stockholders will receive money through the deal. They're getting $13.65 in cash for each share.
 
Rumblings of a move to go private started back in August when Dell first approached the company's Board of Directors.
 
This morning he released this statement: "I believe this transaction will open an exciting new chapter for Dell. I am committed to this journey and I have put a substantial amount of my own capital at risk together with Silver Lake."
 
Under the agreement, Dell will continue to lead the company as Chairman and CEO. The company also says its headquarters will remain in Round Rock.
 
There's mixed emotions among many employees. Some are unsure and worried about the changes it will bring to this campus. Others say they're excited.
 
There could still be a change in store. The merger agreement provides for what's called a "go-shop" period. That means that for the next 45 days the company can still negotiate with other companies making alternate offers.

Click here for more information.

Print
Email
|