Big investment fund joins opposition to Dell buyout
NEW YORK (AFP) - The large investment firm T. Rowe Price said on Tuesday it was opposing Dell's proposed US$24.4 billion (S$30.2 billion) private equity buyout, saying the offer "does not reflect the value" of the tech giant.
T. Rowe Price, which holds a 4.4 per cent stake in Dell, joined the opposition from Southeastern Asset Management, which claims 8.5 per cent of Dell shares.
"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 Price chairman Brian Rogers said in a statement.
The news cast fresh doubt on the plan to go private in a deal that would give founder Michael Dell a chance to reshape the former number one PC maker away from the spotlight of Wall Street.