Boston, MA 10/21/2013 (wallstreetpr) – It is reported that once Dell Inc. (NASDAQ:DELL) becomes a private company, something is expected to materialize later this month, a lean board comprising the current CEO Michael Dell and two others will be installed to steer the new company. This is according to sources privy to the deal.
It now means that the 10 directors who have been at the central processing unit of the PC maker will be replaced by three board members comprising Simon Patterson of Silver Lake, Egon Durban and the current CEO Michael Dell.
Taking DELL private involves $24.9 billion buyout deal; a deal that is expected to come to a close in the last week of October. The company’s shareholders meeting Thursday, October 17, approved the outgoing board and also voted to authorize executives’ pay packages.
In the new DELL structure, Silver lake will own 25% stake while Dell to own 75% stake. This is according to people privy to the new capital structure of the beleaguered PC maker.
Taking DELL private had been strongly opposed by one of its financiers Carl Icahn who had sought to crusade against the buyout, or at least have it go through a vote at the annual meeting.
DELL’s takeover has been a long time coming, spanning the better part of the year. But with the deal closing and several approvals from shareholders in its favor obtained, the company has now brought on board PricewaterhouseCoopers LLC as its auditor this year.
Having been largely in the PC business, the new DELL is expected to expand its grip on technology into mobile, enterprise software and hardware in attempts to bolster its fortunes. Already the company is starting on a positive note after it emerged from IDC report that it has recently gained up to 2.3% market share.
The legacy PC maker closed Friday’s trading down 0.14%. The company’s market cap is now $24.32 billion.
