NY Times DealBook released an article at 3:27PM that Southeastern Asset Management will Fight Dell’s Takeover. The time co-incided with the start of the SP spike.
The article said: '...Southeastern Asset Management, whose 8.5 percent stake makes it the biggest outside shareholder in Dell, said in a regulatory filing on Friday that it planned to oppose its $24.4 billion sale to its founder and the investment firm Silver Lake.
In its filing, Southeastern argues that the management-led buyout is too low and essentially robs shareholders. The asset management firm is threatening to wage a protracted and hostile campaign to kill the deal.
“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,” the firm said.
Southeastern is not opposed to other moves that would have returned value to shareholders, including borrowing money to pay out a special dividend or a leveraged buyout that would have allowed for limited trading of shares by public investors....'
Once the shopping period is over , and no other offers emerge, DELL stockholders will have the opportunity to vote on the existing $13.65 share bid. In the unlikely event that the deal does not get enough votes, Mike Dell and his group will retract their offer and the DELL share price will settle at about $10.50, where it was prior to the buyout rumors.
Hope this helps.