Dell going private in $24.4B deal
SAN FRANCISCO -- Slumping personal computer maker Dell is bowing out of the stock market in a $24.4 billion buyout that represents the largest deal of its kind since the Great Recession dried up the financing for such risky maneuvers.
The complex agreement announced Tuesday will allow Dell Inc.'s management, including eponymous founder Michael Dell, to attempt a company turnaround away from the glare and financial pressures of Wall Street.
Dell stockholders will be paid $13.65 per share to leave the company on its own. That's 25 percent more than the stock's price of $10.88 before word of the buyout talks trickled out three weeks ago.
But it's a steep markdown from the shares' price of $24 six years ago when Michael Dell returned for a second go-round as CEO.
The chances of a successful counter offer look slim, given the forces lined up behind the current deal.