Wall Street Journal, May 26, 2015 article: "Mobile Isn’t Killing the Desktop Internet" [More statistical evidence that demand for desktop PCs had not declined]

Forum Home Page see Broadridge note below]

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special project of the public interest program for

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Project Status

Forum participants were encouraged to consider appraisal rights in June 2013 as a means of realizing the same long term intrinsic value that the company's founder and private equity partner sought in an opportunistic market-priced buyout, and legal research of court valuation standards was commissioned to support the required investment decisions.

The buyout transaction became effective on October 28, 2013 at an offer price of $13.75 per share, and the appraisal case was initiated on October 29, 2013, by the Forum's representative petitioner, Cavan Partners, LP. The Delaware Chancery Court issued its decision on May 31, 2016, establishing the intrinsic fair value of Dell shares at the effective date as $17.62 per share, approximately 28.1% more than the offer price, with definitive legal explanations confirming the foundations of Shareholder Forum support for appraisal rights.

Each of the Dell shareholders who chose to rely upon the Forum's support satisfied the procedural requirements to be eligible for payment of the $17.62 fair value, plus interest on that amount compounding since the effective date at 5% above the Federal Reserve discount rate.

Note: On December 14, 2017, the Delaware Supreme Court reversed and remanded the decision above, encouraging reliance upon market pricing of the transaction as a determination of "fair value." The Forum accordingly reported that it would resume support of marketplace processes instead of judicial appraisal for the realization of intrinsic value in opportunistically priced but carefully negotiated buyouts.

Source: Wall Street Journal, May 26, 2015 article

THE WALL STREET JOURNAL |

CMO TODAY

8:00 am ET
May 26, 2015

Agencies

Mobile Isn’t Killing the Desktop Internet

By Jack Marshall

People are increasingly accessing online content on mobile devices, but that doesn’t mean the desktop is in decline.

A theory sometimes bandied about the media industry says audiences are deserting desktops and “going mobile” instead. But actually, data from online measurement firms doesn’t seem to support that view, at least at the aggregate market level.

The share of overall consumption coming from mobile devices is growing, but desktop web usage isn’t dropping. In fact, it might be increasing.

─ comScore

According to data from comScore, for example, the overall time spent online with desktop devices in the U.S. has remained relatively stable for the past two years. Time spent with mobile devices has grown rapidly in that time, but the numbers suggest mobile use is adding to desktop use, not subtracting from it.

“The key thing to remember is that percentages are not zero-sum,” said Tony Haile, CEO of online analytics firm Chartbeat. “You can have mobile growing to 50% of your traffic and desktop traffic remaining healthy.”

According to Mr. Haile, mobile devices are actually “unlocking” new Web time in the morning and the evening, while desktop traffic remains dominant during weekdays.

In other words: mobile’s share of traffic is growing, but the overall pie is growing too.

That understanding has important implications for media owners and marketers, who often say they’re altering their sites and strategies to cater for their growing mobile audiences. It makes sense to optimize for mobile if that’s a large and growing audience, but mobile isn’t the only game in town. In fact, it seems desktop Internet use is here to stay, for the time being at least.

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This project was conducted as part of the Shareholder Forum's public interest program for "Fair Investor Access," which is open free of charge to anyone concerned with investor interests in the development of marketplace standards for expanded access to information for securities valuation and shareholder voting decisions. As stated in the posted Conditions of Participation, the Forum's purpose is to provide decision-makers with access to information and a free exchange of views on the issues presented in the program's Forum Summary. Each participant is expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants. It is a Forum rule that participants will not be identified or quoted without their explicit permission.

The management of Dell Inc. declined the Forum's invitation to provide leadership of this project, but was encouraged to collaborate in its progress to assure cost-efficient, timely delivery of information relevant to investor decisions. As the project evolved, those information requirements were ultimately satisfied in the context of an appraisal proceeding.

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