updated 03:20 pm EDT, Tue October 1, 2013
Silver Lake deal worth $25B to complete by November 1st
Dell has cleared its final hurdle to going private, by receiving regulatory approval. The PC producer has revealed it has received "all necessary pre-merger regulatory clearances" for the $25 billion buyout by Silver Lake Partnerships and Dell founder Michael Dell, with the deal expected to close before the end of the third quarter of Dell's financial year, November 1st
The proposal was approved by Dell shareholders last month, with the offer consisting of payments of $13.75 in cash for every Dell common stock share and a cash dividend of $0.13 per share, totaling $13.88 per share, with the regular $0.08 per share quarterly dividend also going ahead as planned.
Up until a few days before the shareholder vote, there was another horse in the race to own Dell. Investor Carl Icahn challenged the Silver Lake offer with one of his own, but later withdrew his $18 per share proposal. In his letter of withdrawal to the board, Icahn suggested a similarity to Clark Gable's last words in Gone with the Wind, in that they "don't give a damn" about any other offer than the one that he believed undervalued the company.
Michael Dell's plans for Dell will see the company expanding on its tablet and PC lines, but the executive dismissed a possible return to building smartphones.