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Minority shareholder opposes Dell buyout.


11 February 2013 a[euro]" Southeastern Asset Management Inc, the largest independent stockholder in Dell Inc (NASDAQ:DELL) with an 8.5% stake, said it would not vote in favour of the planned USD24.4bn (EUR18.2bn) buyout of the US personal computer (PC) maker.

The companya[euro](tm)s deal with founder and CEO Michael Dell, private equity firm Silver Lake Partners and Microsoft Corp (NASDAQ:MSFT) is a grossly undervaluing one with its price of USD13.65 apiece, Southeastern Asset Management said in a letter to Della[euro](tm)s board.

Mason Hawkinsa[euro](tm)s firm, which claims that all of Dell is worth USD24.00 per share, noted it would seek all available options to oppose the planned buyout, including a proxy fight, litigation claims and any available Delaware statutory appraisal rights, among other alternatives.

The recently-announced transaction would need to be approved by stockholders controlling a majority of shares not held by the founder.Country: USASector: Computer HardwareTarget: Dell IncBuyer: Microsoft Corporation, Michael Dell, Silver Lake PartnersDeal size in USD: 24.4bnType: LBO, MBO, P2PFinancing: Cash & DebtStatus: Agreed

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Publication:M & A Navigator
Date:Feb 11, 2013
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