The shareholder, Southeastern Asset Management, presented the letter in the documents of the Securities and Exchange Commission filed today. The group owns 8.5 percent of the shares of Dell, making it the largest shareholder outside. Dell announced the $ 24.4 billion deal, which requires regulatory approval and shareholders this week. CEO Michael Dell and investment firm Silver Lake paying $ 13.65 per share, while Microsoft contributes a loan of $ 2 billion to repurchase shares of the Company. The idea is to allow the transaction the company in difficulty trying to recover without shareholder pressure.
Southeastern Asset Management said that the price of $ 13.65 per share is too low and called for other options, she said, would give shareholders more value.
Apparently this is not the only one. Three of the top 20 shareholders southeast of supporting the opposition to the agreement, according to a Reuters report. An anonymous source told Reuters that Harris Associates, Yacktman Asset Management and Pzena Investment Management, shareholders are supporting Southeast. The three companies own a total of 3.3 percent of the shares.
Pzena President Richard Pzena told Reuters that actions must order price of $ 20 or Dell should try other options.
Letter from South-East Asset Management said it is ready to launch a proxy fight - in which he persuade shareholders to vote on the management of the company so that the company is easier to handle - or a lawsuit to stop the action of Dell.
We are writing to express our deep disappointment at the proposed go-private transaction, which grossly underestimates we believe the Company. We also write to inform you that we will not vote in favor of the proposed transaction in its current structure. We maintain and intend to avail ourselves of all options available to us to oppose the proposed transaction, including but not limited to a proxy contest, claims and disputes of rights available Delaware statutory assessment.
