Dell: founders keepers - FT.com While Michael Dell sighs with relief now that shareholders have finally approved his buyout of the computer maker he founded, Wall Street sighs with relief that a year-long soap opera has finally ended. But before everyone moves on to the next melodrama, let us pat Mr Dell on the back. Lost in the muddle of Carl Icahn's tweets and letters from other activists is the fact that getting a $25bn management buyout across the finish line is an extraordinary accomplishment. What is most noteworthy is not that Mr Dell wanted to take Dell private. What boss would not want to avoid the nuisance and noise of restive shareholders and quarterly reporting? Nor is it a surprise that shareholders finally accepted nearly $14 apiece for their shares; the pre-deal price was $10. The marvel is that Mr Dell could convince smart partners to risk big money alongside him, in a business that does not seem anywhere near a turnround. Banks and bond investors are lending him nearly $14bn. Microsoft will put up a $2bn loan. All this for a business whose 2014 operating cash flow is estimated to be $3bn (an estimate that has fallen by a third over the course of 2013). Below the debt, in the thin equity layer, is respected private equity firm Silver Lake, contributing $1.4bn. Sure, Mr Dell is good for his 16 per cent equity stake worth $4bn along with another $750m in cash his personal fund is putting up. But with Dell stock off 75 per cent from where it was in 2004, he has become accustomed to losses. And for all the laments about the company being snatched from shareholders, no one could muster a better offer. The recapitalisation proposals, while creative, never gained traction with a sufficient number of shareholders. Mr Icahn does deserve credit for marshaling the dissent and buying a big chunk of shares, leading to a 2 per cent bump in the offer. But his financing and operational plans were never credible. So enjoy your triumph today, Mr Dell. Tomorrow, you can ponder how tablet sales are about to pass PC sales.