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Dell computers to be bought back by founder Michael Dell Dell computers to be bought back by founder Michael Dell
(35 minutes later)
Michael Dell has said that he will buy back the world's number three PC manufacturer that he founded and that carries his name for $24.4bn (£15.5bn).Michael Dell has said that he will buy back the world's number three PC manufacturer that he founded and that carries his name for $24.4bn (£15.5bn).
Mr Dell, together with private equity firm Silver Lake, will offer $13.65 per share - a premium of less than 3% over its closing price on Monday. Mr Dell, together with technology private equity investor Silver Lake, will offer $13.65 cash per share.
The buy-out will be financed by loans from four banks, as well as a $2bn loan from Microsoft. href="http://content.dell.com/us/en/corp/d/secure/2013-02-04-michael-dell-silverlake-acquisition.aspx" >The firm said it offered a 25% premium over the Dell's valuation in January when rumours of the deal first broke.
Mr Dell already owns just under 16% of the company. The buy-out of the Nasdaq-listed firm will be financed by loans from four banks, and a $2bn loan from Microsoft.
Mr Dell, who is also chief executive and chairman of the firm, already owns about 14% of the company. He and fellow senior executives will retain their existing stakes.
He said that the firm's long-term strategy would "still take more time, investment and patience, and I believe our efforts will be better supported by partnering with Silver Lake in our shared vision".
Before completing the deal with Mr Dell and Silver Lake, Dell's board will conduct what it called a "go shop" period of 45 days during which it would actively seek competing offers to buy the firm at a better price.