Quoted: on the harrowing battle to take Dell private

“It’s like going into a haunted house, and every time you go around a corner some ghost pops up, and then a witch flies down on a broom, and then you go into another room and some devil tries to stab you with a pitchfork.”

Jimmy Lee, chief of investment banking at JPMorgan Chase and an adviser to the special board committee about the Dell buyout, on what Dell founder and CEO Michael Dell had to deal with as he fought to take the Texas company private. The $25 billion LBO — which Forbes has dubbed “the nastiest tech buyout ever,” with corporate agitator Carl Icahn and large institutional shareholders opposing the deal — became official this week, eight months after its CEO said he planned to take the computer maker private. For his part, the billionaire CEO who founded Dell in his dorm room told Forbes: “I couldn’t be more thrilled to have control over my own destiny in a way that is not possible as a public company.”

 

Photo of Michael Dell by AFP/Getty Images

 

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