Dell (NASDAQ: DELL) shareholders have given preliminary approval to a $24.9 billion buyout offer from founder and CEO Michael Dell and investment firm Silver Lake Partners that would take the computer manufacturer private.
The sale is slated to close before the end of the third quarter of Dell’s fiscal year 2014 and is subject to customary closing conditions, the company said Thursday.
Shareholders would get $13.75 for each share plus a special 13-cent dividend.
“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, ” Michael Dell said.
Michael Dell and Silver Lake originally offered to buy Dell for $24 billion then increased their proposal to ward off a competing bid from activist investor Carl Icahn.