Computer maker Dell said Thursday that, based on a preliminary vote tally, its stockholders have approved a proposal in which Michael Dell, the company’s founder, chairman and CEO and Silver Lake Partners, will acquire the company for approximately $24.9 billion. In connection with the deal, Dell stockholders will receive $13.75 in cash for each share of common stock they hold. The transaction is expected to close before the third quarter of 2014. The company will remain headquartered in Round Rock, Texas.
12 September 2013
Dell today announced that, based on a preliminary vote tally from the special meeting of stockholders, Dell stockholders have approved the proposal in which Michael Dell, Dell’s Founder, Chairman and CEO, will acquire Dell in partnership with global technology investment firm Silver Lake Partners.
In connection with the transaction, Dell stockholders will receive $13.75 in cash for each share of Dell common stock they hold, plus payment of a special cash dividend of $0.13 per share to stockholders of record as of a date prior to the effective time of the merger, for total consideration of $13.88 per share in cash. The agreement also guarantees the regular quarterly dividend of $0.08 per share for the fiscal third quarter would be paid to holders of record as of a date prior to closing. The total transaction is valued at approximately $24.9 billion.
The preliminary vote tally shows that the transaction was approved by the holders of a majority of Dell’s outstanding shares, as required by Delaware law. In addition, the tally shows that the transaction was approved by the holders of a majority of Dell’s shares voting for or against the matter, excluding shares held by Mr. Dell, certain of his related family trusts, Dell’s Board of Directors and certain members of its management, as separately required under the merger agreement.
“I am pleased with this outcome and am energized to continue building Dell into the industry’s leading provider of scalable, end-to-end technology solutions,” said Michael Dell, chairman and CEO of 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.”
Mr. Dell continued, “I would like to thank our 110,000 team members around the world who, throughout this process, have remained focused on serving our customers with unity, purpose and pride. 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.”
“Over the course of more than a year, the Special Committee and its advisors conducted a disciplined and independent process to ensure the best outcome for Dell stockholders,” said Alex Mandl, chairman of the Special Committee formed to evaluate the transaction and other strategic alternatives. “By voting in favor of the transaction, the stockholders have chosen the best option to maximize the value of their shares. I want to thank my fellow Committee members and the entire Board for their diligent and tireless efforts on behalf of Dell stockholders, and the stockholders themselves for the careful consideration they gave to this important matter.”
The transaction is expected to close before the end of the third quarter of Dell’s FY2014, subject to the satisfaction of customary closing conditions, including regulatory approval. Dell will continue to be headquartered in Round Rock, Texas.
Dell Inc. (NASDAQ: DELL) listens to customers and delivers worldwide innovative technology, business solutions and services that give them the power to do more. For more information, visit www.dell.com.
HOUSTON, Sept. 12, 2013 /PRNewswire-iReach/ — Ashton Stewart Capital, LLC (“ASC”) has announced the closing of the private offering of a combination of debt and equity for Gulf Coast Renewable Energy, LLC, a newly formed entity, for the acquisition of Bayou Wood Pellets, LLC (“BWP”), a manufacturer of white wood pellets located in West Monroe, LA. The debt facility and the preferred equity units were purchased by a U.S. based private institutional investor. The funds will be used to purchase new equipment and expand the existing plant. ASC Managing Director, Jay Tchamanzar said his firm was pleased to help an established client build a stronger foundation for continued growth. “The management team at BWP has built a tremendous business that is positioned for long-term success,” he said. “We were thrilled to be able to assist in structuring the acquisition, and financing the expansion of their facility to support BWP’s competitive plans for the future.” Barry Petersen, ASC Sr. Managing Director added: “This transaction highlights Ashton Stewart Capital’s growing presence in the sector. We have a deep understanding of domestic and international strategic initiatives, matched with institutional investor capital sources seeking long term opportunities in the industry.”
About Bayou Wood Pellets, LLC
Bayou Wood Pellets owns and operates a state of the art wood pellet production facility in West Monroe, LA. This state of the art facility concentrates on the highly efficient production of wood pellet fuel. Our raw materials come from sustainable woodlands that are owned and managed by certified Master Loggers as well as clean wood chips and sawdust from a network of sawmills. After the expansion the plant will have a 120,000 MT capacity. We are setup to efficiently handle high volume bulk shipments/exports to European customers.
About Ashton Stewart Capital, LLC
Ashton Stewart Capital is a premier independent middle market investment banking and securities firm with a focus on providing financial advice for mergers, acquisitions, financial restructuring, equity and debt financing to corporations, partnerships and institutions. Securities offered through Aldwych Securities, LLC, member FINRA, SIPC. For more information please visit us at www.ashtonstewartcap.com.