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Carl Icahn and Southeastern Urge Investors to Reject Dell Buyout Offer
Posted by: CanadianValue (IP Logged)
Date: June 7, 2013 10:09AM

Southeastern, along with Icahn Enterprises L.P., believes that substantially greater value can be realized for Dell (DELL) stockholders than what is reflected in the Dell management-led buyout proposal and will be making a proxy statement available in the near future.

Southeastern and Icahn wrote the following letter to Dell shareholders:

Dear Fellow Dell Stockholder:

Earlier today, Dell Inc. announced that it has filed definitive proxy materials with the Securities and Exchange Commission soliciting your vote for a proposed transaction in which Dell would be taken private at $13.65 per share in a management buyout sponsored by Michael Dell and his partner, a private equity firm called Silver Lake Partners (the “Management Buyout Proposal”). Southeastern Asset Management, Inc. beneficially owns more than 8% of the outstanding shares of Dell, which makes us the single largest independent investor in Dell. We are a long-term investor in Dell and (like you) we care about our investment. We urge you to refrain from signing or returning any proxy card voting for the Management Buyout Proposal (or, for that matter, any proxy card sent to you by Dell).

We, along with Icahn Enterprises L.P., believe that substantially greater value can be realized for Dell stockholders than what is reflected in the Management Buyout Proposal. In the near future, we will make our own proxy statement available to stockholders.

After you have received and reviewed our proxy statement, together with the proxy statement sent to you by the board of directors of Dell, we will ask you to consult with your financial advisor and join with us in opposing the Management Buyout Proposal. Until then, we urge you to refrain from signing or returning any proxy card voting for the Management Buyout Proposal (or, for that matter, any proxy card sent to you by Dell).

In our efforts to advance superior alternatives to the Management Buyout Proposal for the benefit of all stockholders, Southeastern has agreed to work with Icahn Enterprises L.P. and certain of its affiliates solely for the purposes of promoting the proposals contained in our May 9, 2013, letter to the Board of Directors of Dell, including urging stockholders to vote against the Management Buyout Proposal.

If you have any questions, please contact D.F. King & Co., Inc., which is assisting us in connection with our opposition to the Management Buyout Proposal, toll-free at 1-800-347-4750.

We look forward to communicating with you about your investment in Dell.

Meanwhile the special committee Dell formed to look at the transaction have concluded that approving it is in best interests of Dell shareholders. The special committee prepared the following presentation to support their findings:

Dell Special Committee Investor Presentation 060513




Guru Discussed: Carl Icahn: Current Portfolio, Stock Picks
Mason Hawkins: Current Portfolio, Stock Picks
Stocks Discussed: DELL,
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