An activist shareholder has questioned Dell Inc.'s evaluation of a $24.4 billion leveraged buyout deal with buyout firm Silver Lake.
Southeastern Asset Management, which owns 8.4 percent of Dell Inc., in a letter to the Dell's board of directors, said that the company's proxy statement fails to convince shareholders to accept the P13.65 per share offer from Michael Dell and Silver Lake.
Noting that the Dell's special committee did not explore all options, Southeastern said that the company was not able to properly explain why a buyout offer that allows shareholders to choose whether they want cash or stock payment was not considered.
Two alternative buyout offers has been received by Dell - from Blackstone Group LP and investor Carl Icahn which was reportedly a more superior offer. However, the computer company favored the offer from Michael Dell and Silver Lake.
Southeastern , which has consistently opposed the buyout offer of Michael Dell and Silver Lake, said the company's evaluation of the buyout deal was flawed.
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