As many had suspected they might, the investment firm Southeastern Asset Management today disclosed in an SEC filing that it plans to vote against Dell's proposed $13.65 a share, $24.4 billion leveraged buyout of the company by founder Michael Dell and private equity firm Silver Lake. Given that Southeastern holds 8.5% of the stock - that's actually one percentage point more than previously disclosed - and the fact that the LBO included a provision that the deal be approved by a majority of the holders aside from Michael Dell and other insiders, the move raises the interesting possibility that the bidders will either be voted down or forced to increase their offer.
As many had suspected they might, the investment firm Southeastern Asset Management today disclosed in an SEC filing that it plans to vote against Dell's proposed $13.65 a share, $24.4 billion leveraged buyout of the company by founder Michael Dell and private equity firm Silver Lake. Given that Southeastern holds 8.5% of the stock - that's actually one percentage point more than previously disclosed - and the fact that the LBO included a provision that the deal be approved by a majority of the holders aside from Michael Dell and other insiders, the move raises the interesting possibility that the bidders will either be voted down or forced to increase their offer.