The agreement contains a 45-day “go-shop” period in which a special committee of the board assisted by Evercore Partners can seek a better price for the company that faces cutthroat PC competition from Samsung and Lenovo plus the rise of smartphone and tablets.
Michael Dell said in a statement that the “transaction will open an exciting new chapter for Dell, our customers and team members.”
The company “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.”
Kekst vice chairman Jeffrey Taufield and managing directors Todd Fogarty and Ruth Pachman rep the Round Rock, Tex.-based company.
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