Dell Completes Going Private, Michael Dell Chairman and CEO
"Today, Dell enters an exciting new chapter as a private enterprise," Michael said in a statement. "Our 110,000 team members worldwide are 100 percent focused on our customers and aggressively executing our long-term strategy for their benefit."
Dell stockholders will receive $13.75 in cash for each share of Dell common stock they hold, plus a special cash dividend of $0.13 per share, bringing the total to $13.88 per share. This values the company at $24.9 billion, a few hundred thousand dollars above Michael's original $24.4 billion bid.
The original deal first hit a snag when Southeastern Asset Management wrote in a letter to Dells' board that the company was worth closer to $24 per share. Not long after, Carl Icahn began to aggressively oppose the deal. He threatened "years of litigation" and then raised capital as part of a $21 billion package to keep Dell public.
Eventually Icahn relented when it became clear he was fighting a battle he couldn't win. However, he was successful in squeezing a bit more money out of Michael and Silver Lake Partners, so it wasn't a total loss.
Michael's plan is to privatize Dell so that he can run the company without having to answer to shareholders. Though Dell will no longer be a publicly traded company, you can bet all eyes will be on the PC maker in the coming months and throughout 2014 to see how it fares under Michael's sole guidance.