In the latest act of the Dell saga, Southeastern Asset Management has agreed to sell half of its stake in PC-manufacturer Dell Inc. to billionaire investor Carl Icahn, according to the Wall Street Journal.

In a statement, Southeastern said it would sell approximately 72,010,328 shares to Icahn and intends to vote its approximately 72,010,328 remaining shares against Dell buyout proposed by Silver Lake and Michael Dell.

Southeastern and T.Rowe Price previously reluctantly took arms in the battle against the proposed Silver Lake and Dell buyout, arguing that the deal would severely undervalue the stock, and thereby hurt the positions both asset managers took in the computer firm.

The Journal also quotes from the Southeastern statement, in which the asset manager declares that Icahn is in the “best position to lead the development of an alternative transaction.”

Read more on the Wall Street Journal.  

Edited by: Tommy Fernandez


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