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.
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
Stay ahead of the news ... Sign up for our email alerts now