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Dell's (DELL +13%) offshore cash could present one more challenge to an LBO deal, notes Rolfe...
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Monday, January 14, 7:04 PM ETDell's (DELL +13%) offshore cash could present one more challenge to an LBO deal, notes Rolfe Winkler: Dell says "substantially all" of its $14.2B cash/investment balance (offset by $9B in debt) is held outside the U.S. Goldman recently estimated a Dell LBO deal would have an IRR of just 8% due to this issue, at least unless the cash can be repatriated tax-free. Also: a post-LBO Dell would be loaded with debt and thus have trouble continuing the acquisition spree the company considers pivotal to its efforts to remake itself. Shares +2.6% AH. (previous: I, II)
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