It was a tough fight but Dell’s quest to go private was approved by shareholders, at least according to a preliminary vote tally, Dell said Thursday morning.
According to a statement:
In connection with the transaction, Dell stockholders will receive $13.75 in cash for each share of Dell common stock they hold, plus payment of a special cash dividend of $0.13 per share to stockholders of record as of a date prior to the effective time of the merger, for total consideration of $13.88 per share in cash. The agreement also guarantees the regular quarterly dividend of $0.08 per share for the fiscal third quarter would be paid to holders of record as of a date prior to closing. The total transaction is valued at approximately $24.9 billion.
The outcome is not a surprise after shareholder activist and major-thorn-in-Michael-Dell’s-side Carl Icahn dropped his quest to keep Dell public. Icahn and some other institutional investors argued that the Michael Dell and Silver Lake Partners-led deal undervalues the server and PC company.