Dell shareholders have voted through proposals to take the IT firm private, bringing to an end 14 months of wranglings over whether to back founder Michael Dell or corporate investor Carl Icahn.
Dell finally held its delayed special meeting on Thursday. The firm said that, based on a preliminary vote count, a majority of shareholders voted in favour of founder and chief executive Michael Dell buying out Dell in partnership with investment firm Silver Lake Partners.
Dell shareholders will receive $13.88 per share, and the agreement also guarantees the regular quarterly dividend of $0.08 per share. The total transaction is valued at approximately $24.9bn.
"I am pleased with this outcome and am energised to continue building Dell into the industry's leading provider of scalable, end-to-end technology solutions," said Dell. "As a private enterprise, with a strong private-equity partner, we'll serve our customers with a single-minded purpose and drive the innovations that will help them achieve their goals.
"As our company continues to expand its enterprise solutions and services business, our team members will be Dell's most valuable asset and the key to our future success."
Alex Mandl, chairman of the Special Committee formed to assess the proposals, said that the shareholders had chosen the best option to maximise the value of their shares.
The transaction is expected to close before the end of the third quarter of Dell's FY2014, so by the start of this November, subject to regulatory approval. Dell said its headquarters will remain in Round Rock, Texas.
The deal was given a clear path this week after the seemingly endless feud between Michael Dell and Carl Icahn reached its conclusion, and Icahn dropped his attempted bid to buy Dell's eponymous computer company.
The move cleared the way for Dell to privatise the struggling hardware firm.
The special meeting had been repeatedly pushed back following objections from Icahn, who argued, and continues to argue, that Dell's bid significantly undervalues the company.
In an open and outspoken letter to Dell shareholders posted on Monday, Icahn admitted defeat: "I realise that some stockholders will be disappointed that we do not fight on. However, over the last decade, mainly through 'activism' we have enhanced stockholder value in many companies by billions of dollars.
"We did not accomplish this by waging battles that we thought we would lose. We therefore congratulate Michael Dell and I intend to call him to wish him good luck (he may need it)."
Icahn also noted that while he and investment firm Southeastern had withdrawn from the race, they still be opposed the now-successful Dell and Silver Lake bid.
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