T. Rowe Price comes out against Dell buyout
By Arleen Jacobius | February 12, 2013 6:28 pm
T. Rowe Price Group on Tuesday announced it's opposing the management buyout of Dell Inc. by private equity firm Silver Lake Partners.
“We believe the proposed buyout does not reflect the value of Dell, and we do not intend to support the offer as put forward,” said Brian Rogers, T. Rowe Price chairman and chief investment officer, in a written statement.
T. Rowe Price owns 4.4% of outstanding Dell shares.
T. Rowe Price spokeswoman Kylie Muratore declined to answer further questions.
Company founder Michael Dell and Silver Lake announced Feb. 5 that they would take Dell private for $13.65 per share.
Southeastern Asset Management and Pzena Investment Management also have indicated opposition to the deal. Southeastern Asset owns 8.44% of the outstanding Dell shares, according to a form filed with the SEC on Tuesday. Pzena Investment owns about 0.7% of Dells outstanding shares, according to Pzena's most recent 13-F filing.