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)
Trending On Reuters
Thousands of Nepalese huddled under tents and sought scarce food and medical supplies on Monday, two days after a massive quake killed more than 3,200 people and overwhelmed authorities. Full Article | Slideshow
- Quake warnings of minutes, not hours, are possible, but pricey
- UNICEF says nearly a million children "severely affected" in Nepal
- Factbox - Foreigners in Nepal at time of deadly earthquake
- "Demons on the mountain"; survivors recall avalanche terror
- In Kathmandu Valley, quake-hit Nepalis fend for themselves
RBI chief Rajan calls for formal financing routes for farmers - report Full Article