Hedge fund manager David Einhorn had some sharp words on Thursday for both Dell Inc and founder Michael Dell on his plan to take the company private. Einhorn, who has mounted a campaign to get Apple Inc to share more of its $137 billion cash pile, used the leveraged takeover of Dell as an example of a cash policy that is shareholder unfriendly.Michael Dell has struck a deal to take private the No. 3 personal computer maker he created in a college dorm room in 1984. The founder is partnering with private equity house Silver Lake and Microsoft Corp but the $24.4 billion deal is being opposed by some of Dell's major shareholders, including Southeastern Asset Management, which said the deal substantially undervalues the company.Now, Einhorn - an influential voice on Wall Street - is expressing his disgust."Dell's go-private effort shows the disingenuous nature of hoarding cash," he said during a conference call where he detailed the benefits of distributing perpetual preferred stock - his favored way of rewarding shareholders of Apple.
Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL fell by 0.62% or $-2.79/share to $446.06. In the past year, the shares have traded as low as $435.00 and as high as $705.07. On average, 20652600 shares of AAPL exchange hands on a given day and today's volume is recorded at 15921975.
Dell, Inc. (Dell) is a global information technology company that offers its customers a range of solutions and services delivered directly by Dell and through other distribution channels. Shares of DELL fell by 0.07% or $-0.01/share to $13.82. In the past year, the shares have traded as low as $8.69 and as high as $17.70. On average, 37631100 shares of DELL exchange hands on a given day and today's volume is recorded at 18326964.
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