Dell shareholder opposes buyout

Published Feb 9, 2013 at 04:00AM

Dell Inc.’s bold bid to go private may lead to a proxy war after the personal computer maker’s largest institutional shareholder said Friday it plans to oppose the deal.

Dell shares traded up nearly 1 percent to close at $13.63 — putting the stock on par with the price offered by the private-equity deal sponsored by founder and CEO Michael Dell.

Southeastern Asset Management, which owns 8.5 percent of Dell’s shares outstanding, sent a letter Friday saying: “We are writing to express our extreme disappointment regarding the proposed go private transaction, which we believe grossly undervalues the company.”

— From wire reports