With a shareholder vote just days away, T. Rowe Price, one of Dell Inc.'s major investors, reaffirmed its opposition to a $24.4 billion buyout offer for the personal computer manufacturer.
"We continue to believe the proposed buyout does not reflect the value of Dell and we do not intend to support the offer as put forward," Brian Rogers, Price chairman and chief investment officer, said in a statement Monday. The Baltimore-based money manager owned 71.8 million shares, or 4.03 percent of Dell, at the end of March, Morningstar reports.
Company founder and CEO Michael Dell and Silver Lake, a private equity firm, want to take Dell private in a deal worth $13.65 per share. A special meeting will be held Thursday to consider the offer.
Meanwhile, billionaire investor Carl Icahn along with Southeastern Asset Management Inc. upped their takeover bid for Dell on Friday, putting the value of their offer at $15.50 to $18 per share.
Dell closed Monday at $13.15 per share, down 17 cents.Copyright © 2014, The Baltimore Sun