Michael Dell faces mounting opposition to his plan to take Dell Inc. private as the company’s largest outside shareholder vowed to block the $24 billion buyout because it “grossly undervalues” the personal computer maker.
Southeastern Asset Management, the holder of an 8.5 percent stake in Dell that it began accumulating in 2005, sent a letter to Dell’s board expressing its “extreme disappointment” with the buyout offer of $13.65 a share announced on Feb. 5. Based on an analysis included in the letter, Southeastern said Dell is worth at least $24 a share.
