AUSTIN, Texas – Dell Inc. on Tuesday became a private company, ending its marathon buyout campaign.
The Round Rock, Texas-based computer maker announced the completion of its $24.9 billion buyout by founder and CEO Michael Dell and his investment ally, Silver Lake Partners.
Those two will be the principal owners of the company going forward, with Michael Dell expected to own about three-quarters of the company.
Under the terms of the buyout, Dell Inc. stockholders will receive $13.75 in cash for each share of company common stock that the hold. They also will receive a special 13 cent-per-share special cash dividend to shareholders of record at the close of business Monday.
The transaction was approved at a special shareholders meeting in Round Rock on Sept. 12. Tuesday was the final day of trading for Dell Inc.’s stock.
“Today, Dell enters an exciting new chapter as a private enterprise,” Michael Dell said. “Our 110,000 team members worldwide are 100 percent focused on our customers and aggressively executing our long-term strategy for their benefit.”
The company has said it intends to remake its business to become a stronger supplier of information technology hardware, software and services to enterprise customers, including businesses and government agencies. As the company bolsters its advanced technical offerings, it also is expected to compete for sales of personal computers and tablets, many of which it intends to sell to large and small business customers.
Tuesday’s announcement concluded a sometimes-stormy buyout process in which several major shareholders, including billionaire activist Carl Icahn, campaigned hard against the buyout, claiming the company was being bought for a bargain price.
In August, after negotiations between Michael Dell and the special committee to the company’s board, the offer price was raised by 10 cents a share and the 13-cent special dividend was included.