Michael Dell gets buyout thumbs up

Michael Dell gets buyout thumbs up

Michael Dell will buy out the computer company he founded in 1984 for US$24.8 billion after shareholders backed his offer.

Dell has partnered with private equity firm Silver Lake to complete the deal and has seen off a challenge from Carl Icahn to gain the support of shareholders.

The computer company reported a 72 per cent drop in quarterly earnings last month after it cut prices in a bid to supply enterprise businesses.

Dell believes the company needs to go private so it can restructure its business to cope with the changing computing landscape, which is experiencing increasing pressure from the tablet market.

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