Michael Dell regains control of the company he founded
Dude, Michael Dell's getting a Dell . After months of negotiations and public bickering over the value of Dell, company shareholders voted on Thursday to approve the $24.9 billion sale to Michael, finally putting an end to what turned into a mini soap opera primarily starring Dell's founder and billionaire businessman Carl Icahn, who was one of the most outspoken opponents of the deal.
Icahn contended that Michael's original offer of $24.4 billion severely undervalued the company. He then proposed an alternative offer that would have paid Dell shareholders a significant dividend, thus allowing them to retain their stock while also receiving immediate compensation. At one point, Icahn also threatened to drag the deal through years of litigation, though he finally backed down last week, conceding that "it would be impossible to win the battle"
"While we of course are saddened at our losing the battle to control Dell, it certainly makes the loss a lot more tolerable in that as a result of our involvement, Michael Dell/Silver Lake increased what they said was their 'best and final offer'," Icahn wrote in an open letter to shareholders.
That's all old news now. Going forward, Dell shareholders will each receive $13.75 per share in cash along with a special $0.13 dividend, The New York Times reports . As for the company, which is currently the world's third largest PC maker, Michael and his partners plan to take it private.
"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," Michael said in a statement.