Tuesday's proposed shareholder payout -- which is much lower than it would have been a year ago -- may be an exit point for investors, given the company's declining sales and market share. In January, Gartner calculated that Dell sold 37.6 million PCs in 2012, a 12.3% year-over-year decline that reflected market-share losses to Lenovo.
According to a press release, Dell formed a special committee after the company founder Michael Dell approached the Board of Directors with a takeout proposal in August 2012.
Shortly thereafter, boutique investment bank Evercore Partners (EVR) was hired to field competing bids to the Michael Dell-led consortium. However, it appears no bids in excess of Tuesday's $13.65 price tag have emerged. Dell will hold a 45-day "go-shop" period to find a higher bidder.
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