The largest outside shareholder of computer giant Dell Inc is formally demanding that the company open its books. This move is a certain sign that the shareholder would be more active in decisions to be made by founder and CEO Michael Dell for the company.
Southeastern Asset Management, holders of more than 8% of Dell shares including options, is vociferously criticizing the move to privatize the company and the first step in that direction is to ask for records filed with regulators for and on behalf of its client, Longleaf Partners Fund.
SAM cited the continued silence by Dell management in the last earnings call and filed notice saying "shareholders should be provided with meaningful and straightforward information."
It added, "Under the current buyout proposal, management and (buyout partner) Silver Lake stand to receive all of the future upside while denying shareholders, who have paid to reposition the company, the opportunity to reap the rewards of the investment."
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