Dells Buy out - bitter experience for share holders

Associated Press

More than three weeks after word first broke that Dell Inc. DELL +0.75% was in talks to go private, the deal is finally, really, actually here.
Here are the details that we haven’t all learned, or remained in unsettled, from weeks of stories about the biggest leveraged buyout since 2007.
Price – $13.65 a share for a deal value $24.4 billion. A 25% premium over where the shares traded the day before word first broke. Shares were halted at the opening bell after closing at $13.27 on Monday.
Go-shop period – The board, which formed a special committee and reviewed other strategic alternatives, will have a 45-day go-shop period where it can solicit and receive other bids.
Termination fees – The buyout group would get a termination fee of only $180 million if Dell strikes a deal with competing bidder during the go-shop period. That would be less than 1% of the deal’s value, a slim fee. For a bid outside of the go-shop fee, the buyout group would get a $450 million fee.
Dell board quote, from Alex Mandl, head of special committee –“The Special Committee and its advisers conducted a disciplined and independent process intended to ensure the best outcome for shareholders. Importantly, the go-shop process provides a real opportunity to determine if there are alternatives superior to the present offer from Mr. Dell and Silver Lake.”
Michael Dell’s quote – ”Dell has made solid progress executing this strategy over the past four years, but we recognize that it will still take more time, investment and patience, and I believe our efforts will be better supported by partnering with Silver Lake in our shared vision. I am committed to this journey and I have put a substantial amount of my own capital at risk together with Silver Lake, a world-class investor with an outstanding reputation. We are committed to delivering an unmatched customer experience and excited to pursue the path ahead.”
Silver Lake quote: “Michael Dell is a true visionary and one of the preeminent leaders of the global technology industry,” said Egon Durban, a Silver Lake Managing Partner. “Silver Lake is looking forward to partnering with him, the talented management team at Dell and the investor group to innovate, invest in long-term growth initiatives and accelerate the company’s transformation strategy to become an integrated and diversified global IT solutions provider.”
Advisers:
Dell special committee: J.P. Morgan and Evercore Partners are acting as financial advisers and Debevoise & Plimpton LLP is acting as legal adviser to the special committee of Dell’s Board of Directors.
Dell: Goldman, Sachs & Co. is acting as financial adviser and Hogan Lovells US LLP is acting as legal adviser to Dell.
Michael Dell: Wachtell, Lipton, Rosen & Katz is acting as legal adviser to Mr. Dell.
Silver Lake: BofA Merrill Lynch, Barclays, Credit Suisse and RBC Capital Markets (in alphabetical order) are acting as financial advisers to Silver Lake, and Simpson Thacher & Bartlett LLP is acting as legal adviser to Silver Lake.
Microsoft: Lazard