ROUND ROCK, Texas (AP) — Dell Inc. will end its quarter-century history as a publicly traded company and try to engineer a turnaround away from the prying eyes of Wall Street following shareholders' approval Thursday of a $24.8 billion buyout offer from the company's founder.
At the end of a shareholders meeting Thursday, Dell officials said that based on preliminary results, there were enough votes in favor of CEO Michael Dell's buyout proposal. The company did not immediately announce the tally.
"This is a great outcome for our customers and our company," Michael Dell, the company's chairman, CEO and founder, said in a conference call with investors.
Like other PC makers, Dell Inc. has been hit hard in recent years as consumers shift their buying habits away from traditional desktops and laptops and toward tablets and other mobile devices.
Michael Dell said the buyout marks the first step in a multi-year transformation that will involve Dell Inc. going back to its roots and focusing on the "entrepreneurial spirit" that the company was originally built on.
Dell started selling PCs out of his dorm room while he was still a freshman at the University of Texas. His company went public four years later.
As a private company, Dell will have the flexibility it needs to make investments it needs to without the limitations and scrutiny that come with being a public company, he said.
Last month, Dell reported a 72 percent drop in profit for its most recent quarter, as the company cut prices to shore up computer sales. Dell's stock has plunged by more than 40 percent since Michael Dell returned for a second stint as CEO in 2007. In afternoon trading Thursday, Dell shares were unchanged at $13.85.
Continue reading this story on the...