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Dell Says LBO Offers ‘Attractive and Immediate Premiums’

Dell Inc. responded to its biggest outside shareholder by arguing that its leveraged buyout deal offers shareholders “an attractive and immediate premium,” after Southeastern Asset Management Inc. said the proposal undervalued the personal-computer maker.

The $13.65-a-share buyout offer by Chief Executive Officer Michael Dell and private equity firm Silver Lake Management LLC “shifts the risks facing the business to the buyer group” and is “in the best interests of stockholders,” David Frink, a spokesman for Dell, said in an e-mail.

“In the course of its deliberations, the special committee of Dell’s board considered an array of strategic alternatives,” Frink said. “In addition to working through financial and capital-allocation issues with its independent financial advisors, the committee retained a prominent management consultant to help it assess the company’s strategic position.”

Dell’s response came after Southeastern, which owns 8.5 percent of Dell’s outstanding shares, today sent a letter to Dell’s board expressing “extreme disappointment” with the $24.4 billion buyout offer announced on Feb. 5. Based on an analysis included in the letter, Memphis, Tennessee-based Southeastern said Dell should be worth as much as $24 a share.

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