The leveraged buyout of Dell Inc.

El objetivo de esta tesis es analizar el proceso de inversión de un fondo de capital privado en el Caso específico de la adquisición de Dell Inc., que abarca tanto la teoría como la práctica. Primero, este trabajo examinará el marco teórico que respalda los fondos de capital privado, haciendo hincap...

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Fecha de publicación:: 2015

Institución:: Universidad del Rosario

Repositorio:: Repositorio EdocUR - U. Rosario

Idioma:: spa

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network_acronym_str	EDOCUR2
network_name_str	Repositorio EdocUR - U. Rosario
repository_id_str
dc.title.spa.fl_str_mv	The leveraged buyout of Dell Inc.
dc.title.TranslatedTitle.spa.fl_str_mv	La compra apalancada de Dell Inc.
title	The leveraged buyout of Dell Inc.
spellingShingle	The leveraged buyout of Dell Inc. Comercio Macroeconomía Modelo LBO Macroeconomía & temas relacionados Macroeconomic International trade Economic Macroeconomía Comercio internacional Economía
title_short	The leveraged buyout of Dell Inc.
title_full	The leveraged buyout of Dell Inc.
title_fullStr	The leveraged buyout of Dell Inc.
title_full_unstemmed	The leveraged buyout of Dell Inc.
title_sort	The leveraged buyout of Dell Inc.
dc.contributor.advisor.none.fl_str_mv	Serrano Perdomo, Rafael Antonio
dc.subject.spa.fl_str_mv	Comercio Macroeconomía Modelo LBO
topic	Comercio Macroeconomía Modelo LBO Macroeconomía & temas relacionados Macroeconomic International trade Economic Macroeconomía Comercio internacional Economía
dc.subject.ddc.spa.fl_str_mv	Macroeconomía & temas relacionados
dc.subject.keyword.spa.fl_str_mv	Macroeconomic International trade Economic
dc.subject.lemb.spa.fl_str_mv	Macroeconomía Comercio internacional Economía
description	El objetivo de esta tesis es analizar el proceso de inversión de un fondo de capital privado en el Caso específico de la adquisición de Dell Inc., que abarca tanto la teoría como la práctica. Primero, este trabajo examinará el marco teórico que respalda los fondos de capital privado, haciendo hincapié en su proceso de inversión y métodos de valoración. En segundo lugar, se presentará una descripción general del acuerdo de Dell, que muestra el objetivo y los jugadores involucrados, así como las condiciones del mercado que preceden a la transacción. En tercer lugar, se llevará a cabo un modelo de valoración de compra apalancada. Finalmente, los resultados serán contrastados con el marco teórico. Los hallazgos sugieren que Michael Dell y Silver Lake pagaron mal por Dell Inc., y que si ambos jugadores tendrán éxito en la transformación de la Compañía, y el mercado es benevolente en el futuro, están en línea para obtener ganancias significativas de su inversión, muy por encima del rendimiento esperado de los fondos de capital privado.
publishDate	2015
dc.date.created.none.fl_str_mv	2015-03
dc.date.issued.none.fl_str_mv	2015
dc.date.accessioned.none.fl_str_mv	2020-03-19T20:46:18Z
dc.date.available.none.fl_str_mv	2020-03-19T20:46:18Z
dc.type.eng.fl_str_mv	bachelorThesis
dc.type.coar.fl_str_mv	http://purl.org/coar/resource_type/c_7a1f
dc.type.document.spa.fl_str_mv	Análisis de caso
dc.type.spa.spa.fl_str_mv	Trabajo de grado
dc.identifier.uri.none.fl_str_mv	https://repository.urosario.edu.co/handle/10336/21065
url	https://repository.urosario.edu.co/handle/10336/21065
dc.language.iso.spa.fl_str_mv	spa
language	spa
dc.rights.coar.fl_str_mv	http://purl.org/coar/access_right/c_14cb
dc.rights.acceso.spa.fl_str_mv	Bloqueado (Texto referencial)
dc.rights.cc.spa.fl_str_mv	Atribución-NoComercial-CompartirIgual 2.5 Colombia
dc.rights.uri.none.fl_str_mv	http://creativecommons.org/licenses/by-nc-sa/2.5/co/
rights_invalid_str_mv	Bloqueado (Texto referencial) Atribución-NoComercial-CompartirIgual 2.5 Colombia http://creativecommons.org/licenses/by-nc-sa/2.5/co/ http://purl.org/coar/access_right/c_14cb
dc.format.mimetype.none.fl_str_mv	application/pdf
dc.publisher.department.spa.fl_str_mv	Facultad de economía
dc.publisher.program.spa.fl_str_mv	Finanzas y Comercio Internacional
institution	Universidad del Rosario
dc.source.bibliographicCitation.spa.fl_str_mv	‘2013 M&A Outlook Survey’, KPMG, 21st April 2014, https://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/Documents/ou tlook-survey-MA-2013.pdf ‘2013 Technology Industry Outlook Survey’, KPMG, Friday 18th April 2014, http://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/Documents/tec hnology-outlook-survey-2013.pdf ‘3 charts that explain why Dell is going private”, The Huffington Post, 21st April 2014,http://www.huffingtonpost.com/2013/02/06/dell-privatebuyout_ n_2629465.html ‘A good private equity investment’, Coaching Assembly, Monday 21st April 2014, http://www.coachingassembly.com/prepare/makes-good-pe-investment/ ‘About Carl Icahn’, The Icahn Report Website, Sunday 20th April 2014,http://www.icahnreport.com/report/about.html ‘About Us’, South Eastern Asset Management Website, Sunday 20th April 2014, http://southeasternasset.com/about-us/overview ‘Activist Investor Definition’, Investopedia, Sunday 20th April 2014, http://www.investopedia.com/terms/a/activist-investor.asp ‘Activist Shareholder’, Wikipedia, Sunday 20th April 2014, http://en.wikipedia.org/wiki/Activist_shareholder ‘Adviser on Dell Buyout Questions a Tumultuous Process’, Dealbook, 25th April 2014, http://dealbook.nytimes.com/2014/03/27/an-adviser-on-the-dell-buyoutquestions- what-could-have-been-done-differently/?_php=true&_type=blogs&_r=0 Aswath Damodoran Website, NYU Stern Business School, Sunday 7th of November 2014, http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ratings.htm Berk, DeMarzo&Harford. Fundamentals of Corporate Finance. 2nd Edition. (2012). Pearson Education BMC Software 10K Filing, SEC Website, 23rd April 2014, http://www.sec.gov/Archives/edgar/data/835729/000119312513210706/d508475d10k .htm#tx508475_10 ‘BMC to go private in $6.9 billion deal led by Bain, Golden Gate’, Reuters, 23rd April 2014, http://www.reuters.com/article/2013/05/06/us-bmcsoftware-offeridUSBRE9450F520130506 Capital IQ Database, Standard & Poors Capital IQ, accessed throughout September and October 2014, http://www.spcapitaliq.com/ ‘Carl Icahn’, Forbes Website, Sunday 20th April 2014, http://www.forbes.com/profile/carl-icahn/ Coaching Assembly Website, November 2014, http://www.coachingassembly.com/ Dell Company Website, April 2014, www.dell.com “Dell enters into Agreement to be acquired by Michael Dell and Silver Lake”, Dell Inc. Website, 22nd September 2014, http://www.dell.com/learn/us/en/uscorp1/secure/2013-02-04-michael-dell-silverlakeacquisition Dell Financial Reporting, All SEC filings, Dell Inc. website, April 2014, http://www.dell.com/learn/us/en/uscorp1/financials/all-sec-filings ‘Dell Inc.’, Wikipedia, Saturday 19th April 2014, http://en.wikipedia.org/wiki/Dell Dell Inc. Equity Research 5th Feb 2013, Morningstar, obtained through Thomson One Banker database,accessed throughout March and April 2014, http://banker.thomsonib.com ‘Dell SWOT Analysis 2013’, Strategic Management Insight, Saturday 19th April 2014, http://www.strategicmanagementinsight.com/swot-analyses/dell-swotanalysis. html ‘Dell to go private in a landmark $24.4bn deal’, Reuters, 25th April 2014, http://www.reuters.com/article/2013/02/05/us-dell-buyoutidUSBRE9140NF20130205 ‘Done Deal: A Look at the Long, Contentious Road to Buying Dell Inc.’, Entrepreneur, Friday 18th April 2014, http://www.entrepreneur.com/article/228331 ‘Elpida bondholders to vote against Micron plan: document’, Reuters, 23rd April 2013, http://www.reuters.com/article/2012/07/10/us-elpida-micron-bondholdersidUSBRE86905420120710 US Federal Reserve Website, Sunday 14th December 2014, http://www.federalreserve.gov/ ‘Form 10-K’, Dell Inc. Website, Saturday 19th April 2014, http://i.dell.com/sites/doccontent/corporate/secure/en/Documents/FY13_Form10K_W eb.pdf ‘Fundamentals of Corporate Finance’, Jonathan Berk, Peter DeMarzo and Jarrad Harford, Pearson, 2012 ‘Gartner Says Worldwide PC Shipments Declined 6.9 Percent in Fourth Quarter of 2013’, Gartner Online, Saturday 19th April 2014, http://www.gartner.com/newsroom/id/2647517 GDP Growth, World Bank Database, 21st April 2014, http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG Global Private Equity Report 2014, Bain & Company, Sunday 19th October 2014, http://www.bain.com/publications/business-insights/global-private-equity-report.aspx Global Technology Scorecard, PricewaterhouseCoopers, Monday 21st April 2014,http://www.pwc.com/gx/en/technology/scorecard/systems-andpchardware. jhtml Hitachi 2011 Annual Report, Hitachi, 22nd April 2014, http://www.hitachi.com/IRe/ library/annual/2011/ar2011e.pdf ‘How Michael Dell could reinvent his company’, Inc. Magazine Online, Friday 18th April 2014, http://www.inc.com/eric-markowitz/how-michael-dell-could-reinventhis- company.html ‘How Michael Dell’s takeover bid got hatched’, Dealbook, Sunday 20th April 2014,http://dealbook.nytimes.com/2013/03/29/how-michael-dells-takeover-bid-gothatched/ IBM 10K Filing, IBM Website, 23rd April 2014, http://www.ibm.com/annualreport/2013/bin/assets/2013_ibm_annual.pdf ‘IBM to buy website hosting service SoftLayer’, Reuters, 23rd April 2014, http://www.reuters.com/article/2013/06/04/us-softlayer-ibmidUSBRE9530NT20130604 ‘I.B.M. Buys SoftLayer, a Cloud Computing Firm’, Dealbook, 23rd April 2014, http://dealbook.nytimes.com/2013/06/04/i-b-m-buys-cloud-computing-firm-in-dealsaid- to-be-worth-2-billion/?_php=true&_type=blogs&_r=0 ‘Investing for grown ups? Value Investing’, Aswath Damodoran, Stern Business School – NYU, Monday 21st April 2014, http://people.stern.nyu.edu/adamodar/pdfiles/invphiloh/valinv.pdf ‘Lam research to buy Novellus Systems for $3.3bn”, Reuters, 22nd April 2014, http://uk.reuters.com/article/2011/12/15/us-novellus-lamresearch-takeoveridUSTRE7BD2HY20111215 ‘Lam’s move’, The 451 Group blog, 22nd April 2014, http://blogs.the451group.com/techdeals/semiconductors/lams-novel-move/ ‘Leveraged Buyouts: a practical guide to investment banking and private equity’, Paul Pignataro, Wiley, 2014 ‘Market share of personal computer vendors’, Wikipedia, Saturday 19th April 2014, http://en.wikipedia.org/wiki/Market_share_of_personal_computer_vendors ‘Mergers, Acquisitions and Corporate Restructurings’, Patrick Gaughan, Wiley. 2007 ‘Michael Dell: After buyout, ‘we’re all done with whiners’, Dallas News Webiste, 12th June 2014, http://www.dallasnews.com/business/technology/headlines/20131215-michael-dellafter- buyout-were-all-done-with-whiners.ece ‘Michael Dell’, Forbes Online, Sunday 20th April 2014, http://www.forbes.com/profile/michael-dell/ ‘Michael Dell’, Wikipedia, Sunday 20th April 2014, http://en.wikipedia.org/wiki/Michael_Dell ‘Michael Dell back as CEO; Rollins resigns’, CNET Website, Saturday 19th April 2014, http://news.cnet.com/2100-1014_3-6155185.html ‘Morningstar Equity research: Dell Inc.’, Thomson One Banker, 21st April 2014, http://banker.thomsonib.com ‘New shareholders activist index reveals rewards of activist investing’, Activist Insight Press Release, Monday 21st April 2014, http://www.activistinsight.com/press/Activist%20Insight%20Press%20Release%20- %20Activism%20Outperforms%20-%20Nov%202012.pdf Novellus Systems reports fourth-quarter and year-end results’, Lam Research, 23rd April 2014, http://investor.lamrc.com/releasedetail.cfm?ReleaseID=753455 ‘Porter’s Five Forces of Computer Industry’, Termpaper Warehouse, Saturday 19th April 2014, http://www.termpaperwarehouse.com/essay-on/Porter-s-Five-Forces-Of- Computer-Industry/106738 ‘Private Equity Definition’, Investopedia, Monday 21st April 2014,http://www.investopedia.com/terms/p/privateequity.asp ‘Private Equity Demystified: 2012 Update’, John Gilligan and Mike Wright, ICAEW Corporate Finance Faculty, 2012, Sunday 19th October 2014 ‘Private Equity Industry Overview’, Street of Walls Website, Sunday 19th Octiber 2014, http://www.streetofwalls.com/finance-training-courses/private-equitytraining/ private-equity-industry-overview/ Resource Center, US Department of the Treasury, 21st April 2014, http://www.treasury.gov/resource-center/data-chart-center/interestrates/ Pages/TextView.aspx?data=longtermrateAll Riverbed Technologies 10K Filing, Riverbed Tech Investor Relations, 23rd April 2014, http://ir.riverbed.com/phoenix.zhtml?c=198235&p=irol-sec ‘RJR Nabisco: A Case Study of a Complex Leveraged Buyout’, Allen Michael and Israel Shaked, Financial Analysis Journal, 1991 Silver Lake Partners Website, Sunday 20th April 2014,http://www.silverlake.com/secondary.asp?pageID=24 ‘Sony in Talks to Sell PC Operations’, The Wall Street Journal, 23rd April 2014, http://online.wsj.com/news/articles/SB10001424052702303442704579363700088089 202 ‘Stock picking in disguise? New evidence that Hedge Fund activism ads value’, Michigan Journal of Business Online, Monday 21st April 2014, http://www.michiganjb.org/issues/31/text31d.pdf ‘STXNEWS LATAM-Brazil's data center provider Aceco TI files request for IPO’, Reuters, 23rd April 2014, http://www.reuters.com/article/2014/02/20/snippetidUSL2N0LP0T020140220 ‘Takeovers and Leveraged Buyouts’, Gregg Jarrel, Library of Economics and Liberty, 2002 Technology Sector Scorecard, PwC, 21st April 2014, http://www.pwc.com/gx/en/technology/scorecard/download.jhtml ‘The Anatomy of an LBO: Leverage, Control and Value’, Aswath Damodoran, Stern Business School – NYU, 2007 Thomson One Banker Database, Thomson One Banker, accessed throughout March and April 2014, http://banker.thomsonib.com ‘Timeline: How Michael Dell’s Takeover Bid Got Hatched’, Dealbook, Friday 18th April 2014, http://dealbook.nytimes.com/2013/03/29/how-michael-dells-takeoverbid- got-hatched/ ‘Technology, Media &Telecommunications Predictions 2013’, Deloitte, Friday 18th April 2014, http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Technology- Media-Telecommunications/gx-TMT-Predictions2013-Final.pdf ‘The Dell leveraged buyout’, Mergers & Inquisitions, 19th April 2014,http://www.mergersandinquisitions.com/leveraged-buyout-lbo-model-overviewcapital- structure/ ‘TrendForce: 2Q12 DRAM Revenue Climbs 12%, New Micron Group Catching Up to Samsung with 25.4% Market Share’, DRAMeXchange, 23rd April 2013,http://www.dramexchange.com/WeeklyResearch/Post/2/3130.html ‘U.S. GDP Growth Estimate Reduced To 2.4% For The Fourth Quarter 2013’, Forbes Online, 21st April 2014,http://www.forbes.com/sites/samanthasharf/2014/02/28/u-sgdp- estimate-reduced-to-2-4-for-the-fourth-quarter-2013/ US technology deal insights 3Q2013, PwC, 22nd April 2014,http://www.pwc.com/en_US/us/transactionservices/ publications/assets/technology-insights-q3-2013.pdf US technology M&A insights 2012, PwC, 22nd April 2014, http://www.pwc.com/en_US/us/transaction-services/publications/assets/pwc-2013-ustechnology- m-a-insights.pdf ‘Venture Capital, Private Equity and the Financing of Entrepreneurship’. Lerner, J., Leamon, A., Hardymon, F. Wiley. 2012. ‘Western Digital's $4.3 billion Hitachi deal creates giant’, Reuters, 22nd April 2014,http://www.reuters.com/article/2011/03/07/us-hgst-westerndigitalidUSTRE7262DO20110307 Western Digital Corp. 10K Form, Western Digital Website, 22dn April 2014,http://files.shareholder.com/downloads/WDC/3112260105x0xS950123-11- 76255/106040/filing.pdf World Economic Outlook Report – April 2013, International Monetary Fund, 21st April 2014, http://www.imf.org/external/pubs/ft/weo/2013/01/pdf/text.pdf Yahoo Finance Stock Historical Prices, Yahoo Finance Online, 21st April 2014, http://finance.yahoo.com/stock-center/ 'TIMELINE-Dell's buyout: a topsy-turvy affair’, Reuters, Friday 18th April 2014, http://www.reuters.com/article/2013/09/12/dell-buyout-idUSL2N0H81CR20130912
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spelling	Serrano Perdomo, Rafael Antonio80085368600Uribe Sánchez, Juan FelipeProfesional en Finanzas y Comercio InternacionalFull timee678040d-e76b-4d85-807d-23a0e12493406002020-03-19T20:46:18Z2020-03-19T20:46:18Z2015-032015El objetivo de esta tesis es analizar el proceso de inversión de un fondo de capital privado en el Caso específico de la adquisición de Dell Inc., que abarca tanto la teoría como la práctica. Primero, este trabajo examinará el marco teórico que respalda los fondos de capital privado, haciendo hincapié en su proceso de inversión y métodos de valoración. En segundo lugar, se presentará una descripción general del acuerdo de Dell, que muestra el objetivo y los jugadores involucrados, así como las condiciones del mercado que preceden a la transacción. En tercer lugar, se llevará a cabo un modelo de valoración de compra apalancada. Finalmente, los resultados serán contrastados con el marco teórico. Los hallazgos sugieren que Michael Dell y Silver Lake pagaron mal por Dell Inc., y que si ambos jugadores tendrán éxito en la transformación de la Compañía, y el mercado es benevolente en el futuro, están en línea para obtener ganancias significativas de su inversión, muy por encima del rendimiento esperado de los fondos de capital privado.The aim of this thesis is to analyse the investment process of a private equity fund in the specific case of the takeover of Dell Inc., covering both theory and practice. First, this work will examine the theoretical framework supporting private equity funds, emphasising on their investment process and valuation methods. Secondly, an overview of the Dell deal will be presented, showing the target and the players involved, as well as the market conditions preceding the transaction. Thirdly, a leveraged buyout valuation model will be carried out. Finally, the results will be contrasted against the theoretical framework. The findings suggest that Michael Dell and Silver Lake underpaid for Dell Inc., and that if both players are to succeed in transforming the Company, and the market is benevolent in the future, they are in line to obtain significant profits from their investment, well above private equity funds’ expected performance.application/pdfhttps://repository.urosario.edu.co/handle/10336/21065spaFacultad de economíaFinanzas y Comercio InternacionalBloqueado (Texto referencial)Atribución-NoComercial-CompartirIgual 2.5 Colombiahttp://creativecommons.org/licenses/by-nc-sa/2.5/co/http://purl.org/coar/access_right/c_14cb‘2013 M&A Outlook Survey’, KPMG, 21st April 2014, https://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/Documents/ou tlook-survey-MA-2013.pdf‘2013 Technology Industry Outlook Survey’, KPMG, Friday 18th April 2014, http://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/Documents/tec hnology-outlook-survey-2013.pdf‘3 charts that explain why Dell is going private”, The Huffington Post, 21st April 2014,http://www.huffingtonpost.com/2013/02/06/dell-privatebuyout_ n_2629465.html‘A good private equity investment’, Coaching Assembly, Monday 21st April 2014, http://www.coachingassembly.com/prepare/makes-good-pe-investment/‘About Carl Icahn’, The Icahn Report Website, Sunday 20th April 2014,http://www.icahnreport.com/report/about.html‘About Us’, South Eastern Asset Management Website, Sunday 20th April 2014, http://southeasternasset.com/about-us/overview‘Activist Investor Definition’, Investopedia, Sunday 20th April 2014, http://www.investopedia.com/terms/a/activist-investor.asp‘Activist Shareholder’, Wikipedia, Sunday 20th April 2014, http://en.wikipedia.org/wiki/Activist_shareholder‘Adviser on Dell Buyout Questions a Tumultuous Process’, Dealbook, 25th April 2014, http://dealbook.nytimes.com/2014/03/27/an-adviser-on-the-dell-buyoutquestions- what-could-have-been-done-differently/?_php=true&_type=blogs&_r=0Aswath Damodoran Website, NYU Stern Business School, Sunday 7th of November 2014, http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ratings.htmBerk, DeMarzo&Harford. Fundamentals of Corporate Finance. 2nd Edition. (2012). Pearson EducationBMC Software 10K Filing, SEC Website, 23rd April 2014, http://www.sec.gov/Archives/edgar/data/835729/000119312513210706/d508475d10k .htm#tx508475_10‘BMC to go private in $6.9 billion deal led by Bain, Golden Gate’, Reuters, 23rd April 2014, http://www.reuters.com/article/2013/05/06/us-bmcsoftware-offeridUSBRE9450F520130506Capital IQ Database, Standard & Poors Capital IQ, accessed throughout September and October 2014, http://www.spcapitaliq.com/‘Carl Icahn’, Forbes Website, Sunday 20th April 2014, http://www.forbes.com/profile/carl-icahn/Coaching Assembly Website, November 2014, http://www.coachingassembly.com/Dell Company Website, April 2014, www.dell.com“Dell enters into Agreement to be acquired by Michael Dell and Silver Lake”, Dell Inc. Website, 22nd September 2014, http://www.dell.com/learn/us/en/uscorp1/secure/2013-02-04-michael-dell-silverlakeacquisitionDell Financial Reporting, All SEC filings, Dell Inc. website, April 2014, http://www.dell.com/learn/us/en/uscorp1/financials/all-sec-filings‘Dell Inc.’, Wikipedia, Saturday 19th April 2014, http://en.wikipedia.org/wiki/DellDell Inc. Equity Research 5th Feb 2013, Morningstar, obtained through Thomson One Banker database,accessed throughout March and April 2014, http://banker.thomsonib.com‘Dell SWOT Analysis 2013’, Strategic Management Insight, Saturday 19th April 2014, http://www.strategicmanagementinsight.com/swot-analyses/dell-swotanalysis. html‘Dell to go private in a landmark $24.4bn deal’, Reuters, 25th April 2014, http://www.reuters.com/article/2013/02/05/us-dell-buyoutidUSBRE9140NF20130205‘Done Deal: A Look at the Long, Contentious Road to Buying Dell Inc.’, Entrepreneur, Friday 18th April 2014, http://www.entrepreneur.com/article/228331‘Elpida bondholders to vote against Micron plan: document’, Reuters, 23rd April 2013, http://www.reuters.com/article/2012/07/10/us-elpida-micron-bondholdersidUSBRE86905420120710US Federal Reserve Website, Sunday 14th December 2014, http://www.federalreserve.gov/‘Form 10-K’, Dell Inc. Website, Saturday 19th April 2014, http://i.dell.com/sites/doccontent/corporate/secure/en/Documents/FY13_Form10K_W eb.pdf‘Fundamentals of Corporate Finance’, Jonathan Berk, Peter DeMarzo and Jarrad Harford, Pearson, 2012‘Gartner Says Worldwide PC Shipments Declined 6.9 Percent in Fourth Quarter of 2013’, Gartner Online, Saturday 19th April 2014, http://www.gartner.com/newsroom/id/2647517GDP Growth, World Bank Database, 21st April 2014, http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZGGlobal Private Equity Report 2014, Bain & Company, Sunday 19th October 2014, http://www.bain.com/publications/business-insights/global-private-equity-report.aspxGlobal Technology Scorecard, PricewaterhouseCoopers, Monday 21st April 2014,http://www.pwc.com/gx/en/technology/scorecard/systems-andpchardware. jhtmlHitachi 2011 Annual Report, Hitachi, 22nd April 2014, http://www.hitachi.com/IRe/ library/annual/2011/ar2011e.pdf‘How Michael Dell could reinvent his company’, Inc. Magazine Online, Friday 18th April 2014, http://www.inc.com/eric-markowitz/how-michael-dell-could-reinventhis- company.html‘How Michael Dell’s takeover bid got hatched’, Dealbook, Sunday 20th April 2014,http://dealbook.nytimes.com/2013/03/29/how-michael-dells-takeover-bid-gothatched/IBM 10K Filing, IBM Website, 23rd April 2014, http://www.ibm.com/annualreport/2013/bin/assets/2013_ibm_annual.pdf‘IBM to buy website hosting service SoftLayer’, Reuters, 23rd April 2014, http://www.reuters.com/article/2013/06/04/us-softlayer-ibmidUSBRE9530NT20130604‘I.B.M. Buys SoftLayer, a Cloud Computing Firm’, Dealbook, 23rd April 2014, http://dealbook.nytimes.com/2013/06/04/i-b-m-buys-cloud-computing-firm-in-dealsaid- to-be-worth-2-billion/?_php=true&_type=blogs&_r=0‘Investing for grown ups? Value Investing’, Aswath Damodoran, Stern Business School – NYU, Monday 21st April 2014, http://people.stern.nyu.edu/adamodar/pdfiles/invphiloh/valinv.pdf‘Lam research to buy Novellus Systems for $3.3bn”, Reuters, 22nd April 2014, http://uk.reuters.com/article/2011/12/15/us-novellus-lamresearch-takeoveridUSTRE7BD2HY20111215‘Lam’s move’, The 451 Group blog, 22nd April 2014, http://blogs.the451group.com/techdeals/semiconductors/lams-novel-move/‘Leveraged Buyouts: a practical guide to investment banking and private equity’, Paul Pignataro, Wiley, 2014‘Market share of personal computer vendors’, Wikipedia, Saturday 19th April 2014, http://en.wikipedia.org/wiki/Market_share_of_personal_computer_vendors‘Mergers, Acquisitions and Corporate Restructurings’, Patrick Gaughan, Wiley. 2007‘Michael Dell: After buyout, ‘we’re all done with whiners’, Dallas News Webiste, 12th June 2014, http://www.dallasnews.com/business/technology/headlines/20131215-michael-dellafter- buyout-were-all-done-with-whiners.ece‘Michael Dell’, Forbes Online, Sunday 20th April 2014, http://www.forbes.com/profile/michael-dell/‘Michael Dell’, Wikipedia, Sunday 20th April 2014, http://en.wikipedia.org/wiki/Michael_Dell‘Michael Dell back as CEO; Rollins resigns’, CNET Website, Saturday 19th April 2014, http://news.cnet.com/2100-1014_3-6155185.html‘Morningstar Equity research: Dell Inc.’, Thomson One Banker, 21st April 2014, http://banker.thomsonib.com‘New shareholders activist index reveals rewards of activist investing’, Activist Insight Press Release, Monday 21st April 2014, http://www.activistinsight.com/press/Activist%20Insight%20Press%20Release%20- %20Activism%20Outperforms%20-%20Nov%202012.pdfNovellus Systems reports fourth-quarter and year-end results’, Lam Research, 23rd April 2014, http://investor.lamrc.com/releasedetail.cfm?ReleaseID=753455‘Porter’s Five Forces of Computer Industry’, Termpaper Warehouse, Saturday 19th April 2014, http://www.termpaperwarehouse.com/essay-on/Porter-s-Five-Forces-Of- Computer-Industry/106738‘Private Equity Definition’, Investopedia, Monday 21st April 2014,http://www.investopedia.com/terms/p/privateequity.asp‘Private Equity Demystified: 2012 Update’, John Gilligan and Mike Wright, ICAEW Corporate Finance Faculty, 2012, Sunday 19th October 2014‘Private Equity Industry Overview’, Street of Walls Website, Sunday 19th Octiber 2014, http://www.streetofwalls.com/finance-training-courses/private-equitytraining/ private-equity-industry-overview/Resource Center, US Department of the Treasury, 21st April 2014, http://www.treasury.gov/resource-center/data-chart-center/interestrates/ Pages/TextView.aspx?data=longtermrateAllRiverbed Technologies 10K Filing, Riverbed Tech Investor Relations, 23rd April 2014, http://ir.riverbed.com/phoenix.zhtml?c=198235&p=irol-sec‘RJR Nabisco: A Case Study of a Complex Leveraged Buyout’, Allen Michael and Israel Shaked, Financial Analysis Journal, 1991Silver Lake Partners Website, Sunday 20th April 2014,http://www.silverlake.com/secondary.asp?pageID=24‘Sony in Talks to Sell PC Operations’, The Wall Street Journal, 23rd April 2014, http://online.wsj.com/news/articles/SB10001424052702303442704579363700088089 202‘Stock picking in disguise? New evidence that Hedge Fund activism ads value’, Michigan Journal of Business Online, Monday 21st April 2014, http://www.michiganjb.org/issues/31/text31d.pdf‘STXNEWS LATAM-Brazil's data center provider Aceco TI files request for IPO’, Reuters, 23rd April 2014, http://www.reuters.com/article/2014/02/20/snippetidUSL2N0LP0T020140220‘Takeovers and Leveraged Buyouts’, Gregg Jarrel, Library of Economics and Liberty, 2002Technology Sector Scorecard, PwC, 21st April 2014, http://www.pwc.com/gx/en/technology/scorecard/download.jhtml‘The Anatomy of an LBO: Leverage, Control and Value’, Aswath Damodoran, Stern Business School – NYU, 2007Thomson One Banker Database, Thomson One Banker, accessed throughout March and April 2014, http://banker.thomsonib.com‘Timeline: How Michael Dell’s Takeover Bid Got Hatched’, Dealbook, Friday 18th April 2014, http://dealbook.nytimes.com/2013/03/29/how-michael-dells-takeoverbid- got-hatched/‘Technology, Media &Telecommunications Predictions 2013’, Deloitte, Friday 18th April 2014, http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Technology- Media-Telecommunications/gx-TMT-Predictions2013-Final.pdf‘The Dell leveraged buyout’, Mergers & Inquisitions, 19th April 2014,http://www.mergersandinquisitions.com/leveraged-buyout-lbo-model-overviewcapital- structure/‘TrendForce: 2Q12 DRAM Revenue Climbs 12%, New Micron Group Catching Up to Samsung with 25.4% Market Share’, DRAMeXchange, 23rd April 2013,http://www.dramexchange.com/WeeklyResearch/Post/2/3130.html‘U.S. GDP Growth Estimate Reduced To 2.4% For The Fourth Quarter 2013’, Forbes Online, 21st April 2014,http://www.forbes.com/sites/samanthasharf/2014/02/28/u-sgdp- estimate-reduced-to-2-4-for-the-fourth-quarter-2013/US technology deal insights 3Q2013, PwC, 22nd April 2014,http://www.pwc.com/en_US/us/transactionservices/ publications/assets/technology-insights-q3-2013.pdfUS technology M&A insights 2012, PwC, 22nd April 2014, http://www.pwc.com/en_US/us/transaction-services/publications/assets/pwc-2013-ustechnology- m-a-insights.pdf‘Venture Capital, Private Equity and the Financing of Entrepreneurship’. Lerner, J., Leamon, A., Hardymon, F. Wiley. 2012.‘Western Digital's $4.3 billion Hitachi deal creates giant’, Reuters, 22nd April 2014,http://www.reuters.com/article/2011/03/07/us-hgst-westerndigitalidUSTRE7262DO20110307Western Digital Corp. 10K Form, Western Digital Website, 22dn April 2014,http://files.shareholder.com/downloads/WDC/3112260105x0xS950123-11- 76255/106040/filing.pdfWorld Economic Outlook Report – April 2013, International Monetary Fund, 21st April 2014, http://www.imf.org/external/pubs/ft/weo/2013/01/pdf/text.pdfYahoo Finance Stock Historical Prices, Yahoo Finance Online, 21st April 2014, http://finance.yahoo.com/stock-center/'TIMELINE-Dell's buyout: a topsy-turvy affair’, Reuters, Friday 18th April 2014, http://www.reuters.com/article/2013/09/12/dell-buyout-idUSL2N0H81CR20130912instname:Universidad del Rosarioreponame:Repositorio Institucional EdocURComercioMacroeconomíaModelo LBOMacroeconomía & temas relacionados339600MacroeconomicInternational tradeEconomicMacroeconomíaComercio internacionalEconomíaThe 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The leveraged buyout of Dell Inc.

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