After a Tumultuous Year, Dell Bids the Nasdaq Farewell
Tuesday is the last day Dell (NASDAQ:DELL) will be publicly traded on the Nasdaq, or, as company founder and CEO Michael Dell said in a press release announcing the completion of his acquisition of the personal computer maker, it is the day “Dell enters an exciting new chapter as a private enterprise.”
In early September, Michael Dell, who began the eponymous company from his college dorm room in 1984, finally convinced shareholders that his privatization plan was the best option for the struggling PC manufacturer. It took months — months spent arguing against a rival offer made by the company’s largest outside shareholder, Carl Icahn — plus a sweetened offer before shareholders decided to approve the $24.9 billion buyout.
Michael Dell was even forced to postpone the vote three times for what he called lack of shareholder support. For a period, shareholders were swayed by Icahn’s argument that the company was worth more than the $13.75 per share Michael Dell and financial backer Silver Lake had offered. But after the vote was delayed time and time again, Icahn became convinced that he had been outmaneuvered and exited the fight just before the September 12 vote.
Without the activist investor’s fierce opposition, Dell shareholders voted in favor of selling the company to its founder and chief executive officer.