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 reasons. *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 inadequate. *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. Contact: Yacktman Media Relations Lisa Stearns, 781-878-8882 email@example.com
Yacktman Asset Management Supports Icahn/Southeastern Proposal for Dell
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