Dell’s Mitzvah Rescued Buyout as JPMorgan’s Lee Warned of Perils

When Ken Duberstein’s secretary told him Michael Dell was on the phone on the afternoon of July 31, there was little doubt about the topic. That morning, Dell Inc.’s special board committee had rejected the latest offer from Dell to take the personal-computer company private, a battle that was dragging into its 11th month.

“What do we need to do to get this deal over the goal line?” Dell’s founder and chief executive officer recalled asking.