Yacktman Asset Management Supports Icahn/Southeastern Proposal for Dell

  Yacktman Asset Management Supports Icahn/Southeastern Proposal for Dell

Business Wire

AUSTIN, Texas -- July 9, 2013

Yacktman Asset Management supports the proposal on Dell Inc. (Nasdaq: DELL)
put forth by Carl Icahn/Southeastern Asset Management for the following

  *As a holder and longtime follower of Dell’s stock, we believe that Dell
    has historically made numerous poor capital allocation decisions. We are
    fearful that current management could continue this course. A change in
    the board of directors could significantly improve this and other issues
    and lead to enhanced shareholder value.
  *We believe Dell’s stock price is currently being held back by the
    Dell/Silver Lake proposal. Since October 31, 2012, Dell’s stock is up just
    over 40% while Hewlett Packard’s stock (used by Dell and others as a Dell
    peer, and which we also own), is up just over 80%. Given current market
    conditions and comparable opportunities, the Dell/Silver Lake proposal is
  *The Icahn/Southeastern proposal allows for individual shareholder choice
    while the Dell/Silver Lake proposal does not. Shareholders who view the
    Dell/Silver Lake offer as adequate can sell at prices that exceed the
    Dell/Silver Lake proposal while shareholders who see further upside in
    Dell can continue to hold their position in the company.

According to the Yacktman Investment Team:

“We find it ironic that when a Dell management that has historically overpaid
for acquisitions finally attempts to make a large acquisition at a price we
find attractive, it (the Dell/Silver Lake proposal) is at the expense of Dell
shareholders. The current Dell board of directors, which has failed to protect
its shareholders from poor capital allocation decisions in the past, is now
recommending that shareholders vote to approve this transaction. Based on this
history and the current terms of the Dell/Silver Lake proposal, we therefore
do not support the Dell board’s recommendation that shareholders vote to
approve this transaction. Instead, we are putting our support behind the
Icahn/Southeastern proposal and the opportunity for positive change.”

About Yacktman Asset Management

Yacktman Asset Management is an Austin, Texas-based investment advisor with
more than $25 billion in assets under management as of June 30, 2013. The firm
has served long-term investors since 1992.


Yacktman Media Relations
Lisa Stearns, 781-878-8882
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