Dell Board Pushes Michael Dell, Silver Lake Bid

By Doug Olenick On May 31 2013 - 11:15am

Round Rock, Texas — Dell’s board today recommended that the company accept the $24.4 billion buyout bid led by Dell founder, chairman and CEO Michael Dell and the investment firm Silver Lake.

Dell and Silver Lake will pay $24.4 billion, or about $13.65 per share, and take the company private.

The bid won out over several others, including one by Carl Icahn. The Blackstone Group also put in and removed a bid on the company.

Dell’s board noted several reasons it approved the Dell/Silver Lake offer, including that it represents an all-cash offer at a significant and certain premium; is based on a comprehensive range of alternatives evaluated; includes shareholder-friendly processes and terms to ensure value is maximized; and shifts considerable business performance and transaction risks to the buyer group.

“We believe this transaction strengthens Dell’s capabilities to bring industry-leading, differentiated, simplified and easy-to-manage solutions to customers worldwide,” the board said in an open letter to shareholders.

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