American billionaire and co-founder of PC maker Dell, Michael Dell, is taking the company he started private in a $24billion buyout.
Dell’s days are a public company look to be drawing to close. Company founder and billionaire entrepreneur, Michael Dell, is combining with Microsoft and private equity firm Silver Lake in a buyout of Dell, reported to be worth $24.4 billion.
According to a statement released by Dell, Michael Dell already owns around 16 per cent of the company’s shares and is set to remain as its chairman and chief executive. Shareholders will receive $13.65 a share for their stock.
The move will allow Dell to better guide the company’s direction as he will no longer be answerable to any company shareholders. This may allow it to regain some ground; the PC making company has seen its fortunes struggle recently as consumers have started to reject home computers in favour of tablet devices – such as the Apple iPad. Last year Dell saw the number of PCs shipped to retailers shrink by around 12 per cent and its stock market value dip by a third.