Yacktman Asset Management, Dell Inc's stockholder gave its support for Carl Icahn and Southeastern Asset Management's buyout offer for the PC manufacturer.
Yacktman presently owns 14.8 million stocks of Dell. It said that Michael Dell's US$24.4 billion buyout proposal would only depress the stock. Michael Dell was Dell's founder and Chief Executive.
"A change in the board of directors could significantly improve this and other issues and lead to enhanced shareholder value," Yacktman stated on Tuesday.
Yacktman's backing would strengthen Icahn's bid. However, the firm's investment in Dell was only 0.85%. This was not sufficient to make a variance on its own.
Dell remained at the core of a battle with Icahn and South eastern Asset Management on one side and Michael Dell and Silver Lake, a private equity firm, on the other.
ISS remarked that Michael Dell's offer "transfers the risk of the deteriorating PC business and the company's ongoing business transformation to the buyout group."
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