Ex-Top Pc Maker: 'Buyout plan grossly undervalues Dell'
(Express Tribune (Pakistan) Via Acquire Media NewsEdge) An investment firm claiming to be the largest outside shareholder in Dell said Friday the proposal to take the firm private for $24.4 billion “grossly undervalues” the computer maker.
Southeastern Asset Management, which claims to hold 8.5% of Dell shares on behalf of clients, said it will fight the proposal and noted its objections to the deal in a letter to the board of directors, also filed with US securities regulators.
Dell unveiled its plan to go private on Tuesday in a $24.4 billion deal, giving founder Michael Dell a chance to reshape the former number one PC maker away from the spotlight of Wall Street. The company said it had signed “a definitive” agreement to give shareholders $13.65 per share in cash, at a 25% premium over share price on January 11.
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