This section also must be the toughest for Dell to swallow as a company, since it may make fidgety customers and employees even more nervous. On the other hand, Hewlett-Packard (HPQ) may be having a good laugh at its Austin rival's expense.

这部分也肯定是戴尔最难接受的，因为这可能会让它本已焦虑不安的客户和员工变得更加紧张。另一方面，惠普公司（Hewlett-Packard）可能也会对自己这位同在奥斯汀的对手的大笔开销看笑话。

Pricing: Silver Lake originally proposed a purchase price range of $11.22-$12.16 per share, assuming that Michael Dell would roll his shares into the deal. Kohlberg Kravis Roberts & Co. (KKR) also put in a bid for $12-$13 per share, assuming Michael's shares plus those held by Southeastern -- plus a $500 million additional investment from Michael. Important to note that Southeastern was unaware of the KKR offer, and thus was ignorant of its hypothetical role.

定价：银湖最初提出的收购价是每股11.22-12.16美元，并假定迈克尔?戴尔会把自己的股份也投入这笔交易中。KKR集团的出价也是每股12-13美元，并假定迈克尔的股份会加上东南资本持有的那些股份——加上迈克尔所做的5亿美元追加投资。值得一提的是，东南资本对KKR的出价并不知情，所以对自己被假设的角色也一无所知。

The special committee, however, felt both offers undervalued Dell. Then, on Dec. 3, a Goldman Sachs (GS) analyst suggested that the company might be ripe for a leveraged buyout -- sending Dell stock up 4.4% to $10.06 per share. The next day, KKR dropped out of the process. It told special committee advisor J.P. Morgan (JPM) that its main sticking point was the uncertain PC market and competitive pressures -- two factors validated by Dell's recent performance. That same day, Silver Lake raised its offer to $12.70 per share.

不过，特别委员会觉得，这两笔出价都低估了戴尔公司的价值。结果，到了12月3日，高盛集团（Goldman Sachs）的一位分析师暗示，戴尔公司可能适合做杠杆收购——这一下子就让戴尔的股票涨了4.4%，到了每股10.06美元。而第二天，KKR就退出了收购阵营。它向特别委员会的顾问摩根大通（J.P. Morgan）表示，阻碍其采取进一步行动主要有两大原因，一是难以把握的PC市场，二是竞争压力——这也正是两个被戴尔近期的业绩表现所证实的因素。就在同一天，银湖将出价抬高到了每股12.70美元。

As the special committee kept pressing for a higher price, Michael Dell kept making his case for going private. He identified four things he would do with a privately-held Dell: (i) Increase R&D for the company's enterprise services group, (ii) Hire additional salespeople, (iii) Expand in emerging markets, and (iv) Invest new money into the PC and tablet business. In other words, he wants to create growth rather than strip-and-flip.

就在特别委员会不断施压要求更高出价时，迈克尔?戴尔却提出了私有化的请求。他表示，如果戴尔私有化，他将推出四大举措：(i) 增加公司企业服务集团的研发投入；(ii) 增加销售人员；(iii) 拓展新兴市场；(iv) 为PC和平板电脑业务增加投资。换言之，他是想让公司业绩增长，而不是套现走人。

Then came a Bloomberg news report that Dell was in buyout talks, sending the stock up to $12.29 per share. The next day Silver Lake upped its offer to $12.90, but it was still seemed insufficient. Alex Mandl began talking to Michael Dell about strategic options were Dell to remain public, much of which involved cost-cutting (which was the opposite of Michael's stated vision). Mandl also told Silver Lake that $13.75 was the magic price, but Silver Lake just couldn't get there and threatened to walk. After a few more proposals it got to $13.65 per share, with Michael rolling over his shares at $13.36. This proposal also would allow Dell to continue paying out its dividend -- something it offered to suspend if the offer hit $13.80.

随后又传来了彭博社（Bloomberg）的报道，说戴尔正开始全盘收购谈判，这让股价升至每股12.29美元。第二天银湖就将出价提到了12.90美元，但还是不够。阿历克斯?曼德尔开始和迈克尔?戴尔商量，如果戴尔维持上市公司格局，应该采取什么战略，多数都涉及到削减成本（而这恰恰和迈克尔已经表明过的愿景背道而驰）。曼德尔还向银湖表示，13.75美元是很完美的价格，但银湖就是不答应，还威胁要退出。几轮博弈后，收购价提到了每股13.65美元，而迈克尔则以13.36美元的股价投入自己的股份。这个方案还是能让戴尔继续支付红利——而如果收购价达到了13.80美元这就没戏了。

In short, the special committee moved Silver Lake from $11.22-$12.16 to $13.65.

一句话，是特别委员会推着银湖把出价从11.22-12.16美元一路提高到13.65美元。

Southeastern math: When the agreement was announced, Southeastern issued a statement saying that $13.65 per share "grossly undervalues" Dell. It also offered up its own analysis, saying the company is worth at least $24 per share. In private, however, Southeastern said it would be okay with a $14-$15 per share bid so long as it and other "large existing" shareholders were given the opportunity to roll over a portion of shares. Later in the proxy, the "large existing" language is dropped in favor of the more inclusive "shareholders."

东南资本的算法：就在双方协议达成宣布之际，东南资本发布了一个声明，称13.65美元“严重低估了”戴尔公司的价值。它同时还拿出了自己的分析，称戴尔每股至少值24美元。不过东南资本称，如果戴尔选择私有化，那每股14-15美元也是可以接受的，只要它和其他“现在的大”股东们有机会再投入一部分股份。后来在委托书中，所谓的“现在的大”这类措辞被更笼统的说法“股东”一词取而代之了。