Tinbox maestro Michael Dell has got his way, clinging onto his namesake with the help of investment firm Silver Lake Partners, in a $25 billion takeover that will see the company go private.
Shareholders passed the vote today. But it has been a close fight over previous months. Top challenger and “activist investor” Carl Icahn, in tandem with Southeastern Asset Management, was gunning to take over the company and for a while, it looked like he might have won out. The board delayed the final decision three times.
However, the Wall Street Journal reports, some sweeteners in the bid helped the deal pass, with a reported tally of 65 percent in favour.
Stockholders will get $13.75 cash per share as well as a special cash dividend of 13 cents a share, or $13.88 each in total.
Icahn decided to give up the ghost early this week as shareholders refused to rebel against the Tinman.
Michael Dell said: “I am pleased with this outcome and am energised to continue building Dell into the industry’s leading provider of scalable, end-to-end technology solutions. 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”.
There have been some murmurings that, should Dell take Dell private, the company will seriously refocus on enterprise technology, servers, and services. Its enterprise section is something of a success story despite economic difficulties, so perhaps an approach not too far off SAPman Apotheker’s attempted ruination of HP would not actually go amiss.