Why Are Wall Street’s Billionaire Sharks Circling Dell?
Two of the most prominent figures on Wall Street — Carl Icahn, the famed corporate raider turned “activist investor,” and Stephen Schwarzman, the billionaire behind private equity behemoth Blackstone Group – have expressed interest in buying PC pioneer Dell. This development sets up a challenge to company founder Michael Dell, who has been planning to take the company private in a $24 billion leveraged buyout. But why are all these billionaires fighting over a struggling PC maker that largely missed the mobile revolution and, more generally, has been unable to innovate fast enough to keep pace with the rest of the technology industry? For Wall Street predators like Icahn and Schwarzman, Dell is an attractively vulnerable target, like a wounded dolphin to a Great White shark. Dell is struggling due to a decline in the PC market as users adopt smartphones and tablets. Overall PC shipments fell 3.2% last year, with sales decreasing by 21%, according to data from research ...
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