MICHAEL DELL’S deal to take his PC manufacturer private faced fresh investor opposition yesterday when the company’s largest outside shareholder accused him of playing up a decline in sales in order to take Dell private at a low price.
Southeastern Asset Management, which owns more than eight per cent of Dell, said in a statement on behalf of a client: “Under the current buyout proposal, management and [buyout partner] Silver Lake stand to receive all of the future upside while denying shareholders, who have paid to reposition the company, the opportunity to reap the rewards of our investment.”
A $24bn (£15.9bn) deal to take Dell private was announced last month, but when announcing its recent results, Dell did not provide any financial forecasts.
Several shareholders have voiced their concern since, with a group representing 14 per cent of shares saying they would vote against the deal.
Shares in the company rose to $14.06 yesterday, compared to a $13.65 buyout price.
Dell did not comment.