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Investors challenge Dell takeover plan

10:07 PM, May 10, 2013  |  Comments
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ROUND ROCK, Texas - Dell's largest independent shareholder has teamed with activist investor Carl Icahn in another challenge to founder Michael Dell's $24.4 billion bid to take the struggling computer maker private.

Southeastern Asset Management and Icahn said in a letter sent Thursday to the Dell Inc. board that they want to let shareholders keep their stock and give them either $12 per share in cash or additional shares in a deal that keeps the company publicly traded. They said this would give shareholders a stake in future gains made by the Round Rock, Texas, company.

An investment group led by Michael Dell offered earlier this year to pay $13.65 per share in a deal that would take the company private. Southeastern and Icahn criticized that proposal in a scathing letter to Dell's board outlining their latest offer.

Southeastern and Icahn said they own about 13 percent of the company's outstanding shares. They said that if the board does not deem their offer superior, they will work "assiduously" to convince the other shareholders to reject Michael Dell's bid, which he made with the investment firm Silver Lake.

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