Southeastern Asset Management, the activist investor that owns 8.4 percent of Dell Inc, said on Tuesday the computer maker's evaluation of a $24.4 billion leveraged takeover deal with its founder and buyout firm Silver Lake was flawed.Southeastern published a letter it sent to Dell's board of directors asserting the company's March 29 proxy statement fails to make a compelling case for shareholders to accept the $13.65 per share offer from Michael Dell and Silver Lake. The letter says Dell's special committee did not properly explore all options.Citing excerpts from Dell's proxy statement, Southeastern said the company did not properly explain why it did not entertain a buyout offer that would allow shareholders to elect whether they wanted to be paid in cash or stock. It urged Dell's special committee to negotiate now "in good faith."Dell has received two alternative buyout proposals from Blackstone Group LP and billionaire investor Carl Icahn that Dell has said could ultimately be expected to result in superior offers. Still, the computer maker has recommended accepting the offer on the table from Michael Dell and Silver Lake.
The Blackstone Group L.P. (Blackstone) is a United States-based company that is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.84% or $0.17/share to $20.44. In the past year, the shares have traded as low as $11.13 and as high as $21.09. On average, 5268530 shares of BX exchange hands on a given day and today's volume is recorded at 1260430.
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 traded higher by 0.21% or $0.03/share to $14.23. In the past year, the shares have traded as low as $8.69 and as high as $16.70. On average, 37550900 shares of DELL exchange hands on a given day and today's volume is recorded at 3270295.
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