Dell closes on deal to go privateOctober 29, 2013 @ 9:32 am
ROUND ROCK, Texas (AP) - Dude, you're getting a private company.
Michael Dell and investment firm Silver Lake Partners have completed their $24.9 billion buyout of Dell Inc.
The computer company said Tuesday that its shares will stop trading at the end of the day, closing its quarter-century run as a public company.
Company founder Michael Dell hopes to turn around the struggling business as a private company away from the prying eyes of Wall Street.
Critics say the deal undervalued the company but the transaction was approved by Dell shareholders in September.
Under the agreement, Dell stockholders are getting $13.75 in cash for each share of Dell common stock they hold. That is in addition to a special cash dividend of 13 cents per share for total consideration of $13.88 per share in cash.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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