Dell stockholders approve merger
Dell Inc.'s founder Michael Dell said that he had received an approval for his intended plans of taking the computer maker private. The announcement was based on a preliminary vote tally from the special gathering of stockholders today. Dell was in partnership with global technology investment company Silver Lake Partners for the takeover deal.
Dell stockholders would receive USD13.75 in cash per share piece of the common stock they hold. A special cash dividend of USD.13 per share would be given to stockholders of record as of the date prior to the effective time of the transaction. This would sum to USD13.88 per share in cash. The agreement also guaranteed shareholders to receive quarterly dividend of USD.08 per share for the third quarter of the fiscal year. This would be paid to holders of record as of the date prior to the closing of trade.
The leveraged buyout of Dell was valued around USD24.9 billion.
The pre-voting tally showed that the transaction was approved by the majority shareholders of Dell. This was in complianced with the requirements of the Delaware law for the buyout.