Dell seals $24.9 bln buyout, delisting Tuesday

Reuters

SAN FRANCISCO, Oct 29 (Reuters) - Dell Inc willdelist from the Nasdaq at the close of Tuesday's trading, asfounder Michael Dell and private equity house Silver Lakecomplete their controversial $24.9 billion buyout of thestruggling PC maker.

The go-private acquisition, fought by major shareholderslike Carl Icahn who demanded a higher price, ends Dell'sdecades-long run as one of the world's largest publicly tradedPC makers.

Like its rivals, Dell got sideswiped by the speed of declinein PC sales globally in past years, as consumers increasinglychose to spend on ever-more powerful smartphones and ultra-lighttablet computers.

The company, briefly the world's largest PC maker lastdecade, has seen its shares plummet from a high above $50 duringits heyday, in 2000. The buyout was eventually approved at aprice of $13.75 per share, plus a 13-cent special dividend.

Michael Dell, which started the company from his collegedorm room in 1984 and built it into a model of computerproduction and supply chain management, is now attempting totransform it into a provider of computing services tocorporations. He feels such a radical overhaul is best done awayfrom the scrutiny of public markets.

"Today, Dell enters an exciting new chapter as a privateenterprise," said CEO Michael Dell. "Our 110,000 team membersworldwide are 100 percent focused on our customers andaggressively executing our long-term strategy for theirbenefit."

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