Tuesday, July 29, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
BlackBerry Strengthens Its Mobile Security Portfolio With The Acquisition of Secusmart
IBM, ACS And AT&T Claim Breakthrough In Elastic Cloud-to Cloud Networking
HP Says Internet of Things Devices Are Vulnerable to Attack
China Starts Anti-monopoly Investigation On Microsoft
Apple's MacBook Pros Now Come With Faster processors And More Memory
Rhapsody Now Has 2 million Subscribers
LG Starts Selling Its 105-Inch Curved UHDTV
Motorola Said To Make Google's Next Phablet
Active Discussions
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
IBM supercharges Power servers with graphics chips
Werner Vogels: four cloud computing trends for 2014
Video editing software.
 Home > News > General Computing > Blackst...
Last 7 Days News : SU MO TU WE TH FR SA All News

Friday, April 19, 2013
Blackstone Withdraws Takeover Bid for Dell


Private-equity firm Blackstone has ended its pursuit of Dell, opening the way for for Michael Dell and his private equity partner Silver Lake to go ahead with a $24.4 billion deal to buy the PC maker.

Blackstone, which last month launched a bid for the computer maker to rival a $24.4 billion buyout offer from Silver Lake and Michael Dell, withdrew its bid on Thursday.

Blackstone submitted a tentative offer to buy the company after Dell announced in February its plans to take the company private via a $24.4 billion, or $13.65 per share, buyout by its founder and CEO Michael Dell, who owns about 14 percent of Dell's common shares, and the private equity firm Silver Lake.

Blackstone noted in a letter to Dell's special committee that a "unprecedented 14 percent market decline in PC volume in the first quarter of 2013" worried the firm and didn't line up with Dell's projections for modest industry growth. In addition, Blackstone's evaluation of Dell showed a "rapidly eroding financial profile." Since the bid submission, Dell cut its projections for operating income in the current year to $3 billion from $3.7 billion, the firm said .

Dell had previously confirmed that it had received two buyout offers -- one from Blackstone and the other from activist investor Carl Icahn.

The Blackstone proposal would have kept Dell public.

Both Icahn and Blackstone each offered alternatives that would keep part of the company public. Icahn has proposed paying $15 per share for 58 percent of Dell, while Blackstone had indicated it could pay more than $14.25 per share for the whole of Dell.

Dell said on Tuesday Icahn had agreed not to raise his stake in the company to more than 10 percent and that he could team up with other shareholders on a potential bid for the personal computer maker. Icahn responded that his latest agreement with Dell did not prevent him from embarking on a proxy fight.


Previous
Next
Samsung Evolution Kit Launched In Korea        All News        Lenovo in Talks to Buy IBM Server Business
Amazon Posts Pilot TV Comedies Online     General Computing News      AMD Results Hit By Declining PC market

Get RSS feed Easy Print E-Mail this Message

Related News
Computex: Dell Announces New Inspiron 2-in-1,Venue Tablets and All-in-One PCs
Dell to Use Recycled Plastics in PCs
Dell Unveils New Desktop Virtualization Solutions
New Dell Inspiron 5000 Series Laptops and All-in-One Desktops Coming This Week
Dell Introduces Latitude Rugged Extreme Lineup
Dell Offers Per-App VPN Access Controls For BYOD Mobile Workers
Microsoft and Dell Sign Patent Licensing Deal
Dell Acquires StatSoft to ADvance Its Big Data Solution
Dell Announces Precision M2800 Mobile Workstation PC
Dell Unveils Latitude 13 Education Series Laptop
Dell To Use AlienWare Brand For Home Entertainment Products: report
Dell Assigned New Storage-related Patents

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .