Dell in $24.4B founder-led deal to go private
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 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 $10.88 the stock was going for before word of the buyout talks trickled out last month. But it's a steep markdown from the shares' price of $26 less than five years ago, when the company's eponymous founder Michael Dell returned for a second go-round as CEO.
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