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Dell founder to buy back company

Source : IANS
Last Updated: Tue, Feb 05, 2013 15:40 hrs

London, Feb 5 (IANS) Michael Dell has said he will buy back for $24.4 billion the personal computer manufacturer that he founded and that carries his name, BBC reported.

Michael Dell, together with technology private equity investor Silver Lake, will offer $13.65 per share.

The buy-out of the firm will be financed by loans from four banks, and a $2 billion loan from Microsoft.

Michael Dell, also chief executive and chairman of the firm, already owns about 14 percent of the company. He and fellow senior executives will retain their existing stakes.

He said 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 Michael 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.




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