T. Rowe Price says will not support Dell buyout

Tue Feb 12, 2013 11:41pm IST

Related Topics

Stocks

   

REUTERS - Money manager T. Rowe Price Group on Tuesday became the latest major shareholder of computer maker Dell to oppose Dell's leveraged buyout offer.

"We believe the proposed buyout does not reflect the value of Dell, and we do not intend to support the offer as put forward," T. Rowe Chief Investment Officer Brian Rogers said in a statement.

T. Rowe's decision to oppose the $13.65 per share offer from Dell founder Michael Dell and private equity shop Silver Lake Partners could add significant pressure for a higher offer. T. Rowe controlled 4.4 percent of Dell shares as of September 30, according to Thomson Reuters data.

Other shareholders with an estimated total stake of 14 percent are also opposing or leaning against the deal.

Shares of Dell traded above the offer price to $13.80, up 0.76 percent on the day, after the T. Rowe Price announcement.

On Friday, Southeastern Asset Management, with an 8.5 percent stake, said in a securities filing that it would vote against the deal. Three other major shareholders are also expected to oppose the offer, sources have told Reuters.

(Reporting by Aaron Pressman and Tim McLaughlin; editing by Lisa Von Ahn, G Crosse)

FILED UNDER:

Sony Cyber Attack

REUTERS SHOWCASE

Ten Years On

Ten Years On

10 years on, tsunami warning stumbles at the "last mile".  Full Article 

Exit Polls

Exit Polls

BJP unlikely to form Jammu & Kashmir govt - polls.  Full Article 

Forceful Conversions

Forceful Conversions

BJP distances itself from religious conversions.  Full Article 

Hopeful Dhoni

Hopeful Dhoni

India's new vintage nearly ready, says Dhoni.  Full Article 

Photo

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Ali Hospitalized

Ali Hospitalized

Boxing great Muhammad Ali hospitalized with pneumonia.  Full Article 

Going International

Going International

Bollywood’s Priyanka Chopra sets sights on American TV.  Full Article 

India This Week

India This Week

Some of our best photos from this week.   Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device   Full Coverage