Dell shareholders have approved a buyout proposal worth $25 billion, ending months of conflict over the fate of the ailing personal computer maker.
Shareholders will receive a total of $13.88 per share: $13.75 for each share of common stock held plus a special dividend worth 13 cents per share. Approval of the deal from founder Michael Dell and Silver Lake Partners is based on a "preliminary vote tally," says Dell in a statement.
The deal also takes Dell private, ending a 25-year run as a publicly-traded company. Shares of Dell are down slightly in morning trading.
"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," said Dell, who serves as the company's chairman and CEO, in a statement.
Dell and Silver Lake's plan -- originally revealed in February -- had been met with fierce opposition from shareholders Southeastern Asset Management and activist investor Carl Icahn. Earlier this week, Icahn ended his efforts to stop the deal, but remains against it.
"I continue to believe that the price being paid by Michael Dell/Silver Lake to purchase our company greatly undervalues it," Icahn's letter said.
The buyout is expected to close by the third quarter of fiscal 2014. With a buyout deal complete, Dell can now shift toward revitalizing its business, as it pushes more toward enterprise services.
"While they still have a really strong base on the PC side, they've been trying to move toward a more comprehensive IT solutions kind of company," says Forrester's J.P. Gownder.
Dell and fellow PC companies have struggled in recent years as more consumers opt for more mobile devices such as smartphones and tablets. Global PC shipments have fallen for five straight months, the longest slump ever.
"The PC business is in a tough spot," says IDC analyst Bob O'Donnell. "We don't see any rapid turnaround any time soon."