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Michael Dell clinches approval
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Michael Dell clinched shareholder approval yesterday for his US$25 billion offer to buy and take Dell Inc private, ending months of conflict with the firm’s largest investors and removing the uncertainty over the world’s No. 3 PC maker.
Shareholders cast their votes at a special meeting yesterday in Austin, Texas. Based on preliminary results, the buyout won their go-ahead and the deal is set to close before the end of Dell’s fiscal third quarter.
The company’s pace of internal transformation should now quicken. Sealing the deal should also assuage customers who have grown wary of the company’s direction during a very public battle that pit major Wall Street players Icahn, Southeastern Asset Management and T. Rowe Price against the CEO.
“Once the deal is consummated, they can move on and close some of the large infrastructure deals they’ve been working on. I do think there’s been a bit of a pause,” said Cross Research analyst Shannon Cross.
Dell, who founded the company from a college dorm-room in 1984, and partner Silver Lake fought for months to convince skeptical investors his offer was the best option. This week, he gained the upper hand after one of his staunchest opponents, activist investor Carl Icahn, bowed out of the conflict because he said it was “impossible” to win.
Dell reported a 72 percent slide in quarterly earnings last month, reflecting price cuts intended to soothe nervous customers and spearhead a foray into the enterprise market.
It remains to be seen if Dell can build its storage, networking and software portfolios to vie with Hewlett Packard and others.
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