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February 8, 2013
15:10 EDTDELLSoutheastern says Dell's go-private deal 'grossly undervalues' company
Southeastern Asset Management disclosed a new 8.5% stake in Dell and a letter sent to the company's board regarding the recently announced transaction to take Dell private at $13.65 per share. The letter stated in part, "We are writing to express our extreme disappointment regarding the proposed go-private transaction, which we believe grossly undervalues the Company. We also write to inform you that we will not vote in favor of the proposed transaction as currently structured. We retain and intend to avail ourselves of all options at our disposal to oppose the proposed transaction, including but not limited to a proxy fight, litigation claims and any available Delaware statutory appraisal rights. We expect the Board of Directors to perform its responsibility to thoroughly review all alternatives to the proposed transaction to deliver maximum value to Dellís public shareholders. We would have endorsed a transformative transaction that would have provided full and fair value to Dellís public shareholders, including a leveraged recapitalization or a go-private type sale where current shareholders could elect to continue to participate in a new company with a public stub. Unfortunately, the proposed Silver Lake transaction falls significantly short of that, and instead appears to be an effort to acquire Dell at a substantial discount to intrinsic value at the expense of public shareholders." Shares of Dell ticked higher following Southeastern's regulatory filing, but remain down 5c to $13.48 in late afternoon trading.
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