Dell Inc shareholder Yacktman Asset Management threw its support behind Carl Icahn and Southeastern Asset Management’s buyout proposal for the PC maker.<\/p>\n
Yacktman, which holds 14.8 million shares of Dell, said it believes Dell founder and Chief Executive Michael Dell’s $24.4 billion buyout offer is depressing the stock.<\/p>\n
“A change in the board of directors could significantly improve this and other issues and lead to enhanced shareholder value,” Yacktman said in statement on Tuesday.<\/p>\n
Dell is at the center of a battle, with Michael Dell and private equity firm Silver Lake on one side, and Icahn and Southeastern Asset Management on the other.<\/p>\n
Icahn and Southeastern’s proposal would see shareholders tender 1.1 billion shares at $14 each. For that bid to be put to a vote, shareholders must reject Michael Dell’s proposal and then elect a new slate of directors put up by Icahn.<\/p>\n
Michael Dell and Silver Lake want to take the company private at $13.65 per share. On Monday, they gained a key backer in shareholder advisory firm ISS, which recommended their bid.<\/p>\n
Icahn promises $16 billion buy-back of Dell stock<\/a><\/strong><\/p>\n Icahn short on cash for Dell proposal: committee<\/strong><\/a><\/p>\n Dell presented with more alternatives to buyout<\/a><\/strong><\/p>\n