We're moving right along with the acquisition of Perot Systems! Today, we commenced our tender offer to acquire the company.
What is a tender offer you ask?
The tender is a formal process of making a public offer directly to Perot's shareholders to buy their shares at the previously stated price of $30 per share. The offer was filed with the Securities and Exchange Commission. To learn more, I encourage you to read the tender offer, the press release we issued, and take a look at the ad that appears in today's Wall Street Journal.
We've taken some other steps getting us closer to closing the deal. Since the merger announcement on September 21, we have submitted competition law filings in the United States and some other countries. As a result, we are now in a waiting period that the government may choose to shorten or extend pending any antitrust concerns. These filings and waiting periods are pretty typical for any transaction of this type.
We have also begun integration planning with Perot Systems. Teams are being put in place to oversee this integration planning, which includes organizational resource alignment, financial reporting implications, systems integration plans, and other typical things associated with an integration process. While we are engaged in the planning process, we are also mindful that that we cannot combine the two companies until we close the transaction.
So what happens next with the tender offer?
Unless extended, the tender offer begins today and ends at midnight on November 2. Perot shareholders have this period to tender their shares for the offer price of $30 per share. Upon acceptance for payment of shares in the tender offer, Perot Systems becomes a subsidiary of Dell.
Today's news represents the next step in the acquisition process, and when completed, this bigger and better Dell is expected to help customers grow and thrive with a broader range of IT services and solutions.
We look forward to sharing with you more details through this exciting process. Once we close on the acquisition, you'll be hearing more detailed thoughts about our services strategy, organization, key initiatives and financial information. At that time, Dell leaders will provide more detail around our growth, synergy and integration plans.
Until then, your questions and comments are welcome.
SPECIAL NOTE: This blog post is for informational purposes only, and is not an offer to purchase or a solicitation of an offer to sell securities. The tender offer is being made only pursuant to the Offer to Purchase, Letter of Transmittal and related materials that Dell and DII- Holdings Inc. have filed with the SEC on a Tender Offer Statement on Schedule TO on October 2, 2009. In addition, Perot Systems has filed a Solicitation Recommendation Statement on Schedule 14D-9 with respect to the tender offer on October 2, 2009. The Tender Offer Statement (and related materials) and the Solicitation/Recommendation Statement contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials may be obtained free of charge from D.F. King & Co., Inc., the information agent for the tender offer, toll-free at (800) 488-8095 (banks and brokers call collect (212) 269-5550). In addition, all of those materials (and all other offer documents filed with the SEC) are available at no charge on the SEC's website at www.sec.gov.