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Why Microsoft 'loaned' Dell $2 billion

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Microsoft worried that equity stake would have upset others.

FORTUNE -- There weren't too many surprises in Dell Inc.'s announcement that it has agreed to be taken private for $24.4 billion. Except for one: Microsoft's $2 billion investment will come as a loan, instead of as equity.

A source familiar with the situation tells me that the software giant was worried about other customers thinking that Microsoft (MSFT) had incentive to value MORE


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