Michael Dell clinched shareholders’ approval on Thursday for his USUS$25 billion offer to buy and take Dell private, ending months of bitter conflict with the company’s largest investors and removing the uncertainty shrouding the world’s No. 3 PC maker.
The company plans to invest in the personal computer and tablet markets, in expanding sales coverage, and in growing its distribution network, founder and chief executive Michael Dell said in a conference call after the shareholder vote.
End-user computing, defined as devices such as PCs and tablets, remains an important focus for the company despite the rapid decline of the global personal computer market, he told reporters briefly, without elaborating or taking questions.
A “significant incremental investment” is required to turnaround the company, and having two strong private investors will aid the restructuring, he added.
Shareholders cast their votes at a special meeting on Thursday morning in Round Rock, Texas. Based on preliminary results, the buyout has secured their go-ahead and the deal is expected to close before the end of the fiscal third quarter.
The company’s pace of internal transformation should now quicken. Sealing the deal should also assuage customers who have grown wary of the company’s direction during a very public battle that pit major Wall Street players Icahn, Southeastern Asset Management and T. Rowe Price against the CEO.