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Thursday, Sep 12
Michael Dell, Silver Lake set to gain control of Dell
- Michael Dell and Silver Lake are finally expected to win their battle to take Dell (DELL) private today, with their buyout proposal of $24.9B set to receive shareholder approval.
- The vote comes after Carl Icahn gave up on his attempt to gain control of Dell earlier this week.
- Michael Dell will own 75% of the company and remain CEO as he seeks to turn it around away from the unforgiving glare of Wall Street. The plan is to turn Dell into a "solutions" provider, with management set to increase their focus on three areas: security software, tools and "IT in a box."
- Yesterday, Dell set indicative pricing on a $5.5B loan that will help pay for the buyout, with the package comprising a $1.5B five-year term loan C and a $4B 6.5-year term loan B.