Dell's Biggest Investor Criticizes Special Committee's Process
Dell's biggest outside investor this week fired off a letter to the special committee overseeing Dell's proposed $24.4 billion leveraged buyout, stating that the process used to investigate transaction possibilities was inadequate.
The April 9 letter, from Southeastern Asset Management, argues that there are better offers on the table than the current $13.65-per-share deal with Silver Lake Partners for a leveraged buyout.
Dell issued a proxy statement last week detailing the background of the Silver Lake deal as well as other proposals from Icahn Enterprises and The Blackstone Group.
"We believe the proxy statement fails to make a case for shareholders to accept the $13.65 per share Michael Dell/Silver Lake buyout," wrote O. Mason Hawkins, chairman and CEO of Southeastern Asset Management, and G. Staley Cates, president and CIO, in the letter.