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Major Dell stockholder derides company’s proposed $24.4 billion sale as ‘woefully inadequate’
ROUND ROCK, Texas – Dell’s largest stockholder, aside from the struggling personal computer maker’s CEO and founder, is trying to thwart the company’s plans to sell itself for $24.4 billion.
The opposition mounted Friday by Southeastern Asset Management Inc. could complicate Dell Inc.’s efforts to end its 25-year history as a public company. Southeastern Asset owns an 8.5 per cent stake in Dell.
Under a plan announced earlier this week, Dell will pay existing stockholders $13.65 per share. The deal would leave the Round Rock, Texas, company under the control of founder and CEO Michael Dell and investment firm Silver Lake.
In a letter to Dell’s board, Southeastern CEO O. Mason Hawkins dismissed Dell’s proposed sale price as “woefully inadequate,” contending that the company is worth at least $24 per share.
Dell declined to comment.
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