UPDATE: After weeks of rumors, Dell announced Tuesday that it is officially planning to go private. The company will pay shareholders $13.65 a share in cash, in a deal worth about $24.4 billion.
Michael Dell, the company's founder, is financing the deal along with private equity firm Silver Lake. Microsoft also loaned $2 billion towards the deal.
The deal still needs to be approved by the company's shareholders.
Dell's board met Monday night to vote on a $24 billion offer to take the company private, according to a report.
According to Bloomberg, the deal may be announced Tuesday morning. The report adds that the offer puts Dell's value at $13.50 to $13.75 a share. Dell closed Monday at $13.27 giving it a market value of around $23 billion.
Among the backers in the plan is Microsoft, which is investing $2 billion and Silver Lake Management, which will invest $1 billion-plus. CEO and Founder Michael Dell will contribute his 15.7% stake, which is valued at $3.6 billion, and invest another $700 million, which will give him a majority stake in his company.
Reps from Dell could not be reached for comment on the report.
Reports about taking the company private began surfacing in mid-January. Dell's stock has been up about 31% since the beginning of the year.
Taking the company private would in theory give it more freedom to pursue growth strategies without worrying about challenges from investors.