Most Active Stories
- Austin Now the 11th Largest City in the U.S., Up from 13th Largest
- Austin: Second Fastest Growing City for Suburban Poverty
- KUT News Presents 'Under One Roof: Affordable Housing 101'
- Last Seen, Moving Slowly, on the UT Campus: a Robotic Couch
- The Mayor's 'Office:' Leffingwell Welcomes Athlead to Austin
KUT News Staff
Dell Shareholder Wants to Block Buyout
A company that owns a stake in Dell says it plans to use “all options at its disposal” to stop a $24 billion buyout of the Round Rock-based company. Southeastern Asset Management is based in Memphis and owns 8.5 percent of Dell’s outstanding shares.
The company says in a filing with the Securities and Exchange Commission that the buyout price of $13.65 per share is too low.
"Southeastern sent a letter to the Board of Directors of the Issuer expressing its extreme disappointment in the per share price of $13.65, which Southeastern believes grossly undervalues the Issuer," the company writes in a Schedule 13D filing. "The letter also expressed Southeastern’s current intent to vote against the proposed transaction as currently structured. The letter further stated that Southeastern currently intends to avail itself of all options at its disposal to oppose the proposed transaction, including but not limited to a proxy fight, litigation claims and any available Delaware statutory appraisal rights."
Dell employs about 14,000 people in Central Texas.