Tag - Michael Dell
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
Dell founder and CEO Michael Dell has outlined the company's strategy under private ownership. In an interview with CNBC, the executive highlighted the company's success in the enterprise market and commitment to continue engaging consumers with new tablets and PCs, however he dismissed the possibility of getting back into the smartphone business.
Dell will become a private company in the future, based on the preliminary tally of votes from a special meeting of stockholders. The approval, once confirmed, means that Michael Dell and private equity firm Silver Lake has succeeded in taking control from the company, following investor Carl Icahn backing down with his offer.
Blackstone Group is ending its offer for control of Dell, citing a 14-percent drop in PC sales for the first quarter of 2013 and a lower earnings forecast for the current financial year. The withdrawal of Blackstone leaves founder Michael Dell and equity partner Silver Lake to fight with Carl Icahn for ownership of the PC manufacturer.
(Updated to downplay Baez's role) A partial list of the people present at Sunday's private memorial for Steve Jobs has been published, says Fortune. Among the people there were Apple executives Tim Cook (CEO) and Scott Forstall (senior VP for iOS), and board members Bill Campbell and Al Gore. Former US President Bill Clinton was also in attendance; one of the people most closely connected to Jobs, though, may have been singer Joan Baez, who once dated him during the late 1970s and early '80s.