Michael Dell, the PC pioneer, made his return to the stock market yesterday after a years-long battle with investors, as Wall Street put a value of $34bn on newly traded shares in his company.
The listing on the New York Stock Exchange ended five years of private ownership during which Mr Dell and private equity partner Silver Lake used financial engineering, dealmaking and heavy borrowing to overhaul the PC maker. That included buying the data storage company EMC for $67bn and amassing more than $50bn in debt.
But Dell’s decision to return to the market and buy out shareholders in an existing stock, rather than carry out a traditional IPO, triggered a brutal fight with investors over price.
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