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You are here: MacNN Forums > News > Tech News > Dell shareholders vote to go private, accept Dell, Silver Lake offer

Dell shareholders vote to go private, accept Dell, Silver Lake offer
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MacNN Staff
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Sep 12, 2013, 11:32 AM
Dell will become a private company in the future, based on the preliminary tally of votes from a special meeting of stockholders. The approval, once confirmed, means that Michael Dell and private equity firm Silver Lake has succeeded in taking control from the company, following investor Carl Icahn backing down with his offer.

Dell stockholders will receive $13.75 in cash for every Dell common stock share held, as well as a special cash dividend of $0.13 per share, making it a total of $13.88 per share in cash. The regular quarterly dividend of $0.08 per share for the third financial quarter will be paid as normal, and brings the total transaction value to approximately $24.9 billion.

Though figures for the vote have yet to be released, sources of CNBC place the voting proportions to be 65 percent in favor, and 35 percent opposed to the proposal. The vote excluded shares owned by Michael Dell, related family trusts, the board of directors, and some members of management.

"I am pleased with this outcome, and am energized to continue building Dell into the industry's leading provider of scalable, end-to-end technology solutions," said Dell, continuing "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."

In recent months, Dell and Silver Lake increased their offer in order to combat Icahn's proposal, and though it was initially rejected by the board due to the way that the voting rules shifted towards favoring the proposal, the board later agreed to accept the changes. Icahn then attempted to legally delay the vote, but after the court disagreed, Icahn then bailed out.

The final transaction, subject to closing conditions and regulatory approval, is expected to complete before the end of Dell's third financial quarter, and will continue to be headquartered in Round Rock, Texas.
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