If you're Michael Dell, you contend you're doing shareholders of your company a favor. If you're an investor in Dell (DELL), you may well feel like you're getting low-balled.
Dell's largest outside investor, Memphis-based Southeastern Asset Management, agrees with the latter position, saying it won't support the $13.65-a-share management-led buyout of the computer seller. Dell responded to that announcement by arguing that the plan to take the company private "offers an attractive and immediate premium for stockholders and shifts the risks facing the business to the buyer group." Southeastern doesn't remotely believe that.
It's problem isn't with an acquisition. It's that the firm thinks the takeover price needs to be substantially higher, about $10 a share higher, in fact. By the money manager's calculations, Dell is worth $23.72 a share.
The last time Dell, of Round Rock, Texas, traded there was six years ago, in February 2007. It's not been above $20 since 2008, and in the last 52
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