Dell’s $24.4B deal opposed by major stockholder

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In his letter Hawkins laid out his rationale for valuing the company’s PC business at $2.78 per share and other product lines at a combined $13.36 per share. With those two components, added to the $7.58 per share in acquisitions, Hawkins arrives at his $23.72 per share valuation.

Instead of sticking with the current deal, Dell’s board should consider an alternative that would give existing shareholders a stake in a restructured company that would still be led by Michael Dell, Hawkins wrote.

Messages left with Southeastern for comment weren’t immediately returned.

The 38-year-old firm, which is based in Memphis, Tenn., manages about $33 billion in assets. In a regulatory filing Friday, Southeastern said it had spent about $2.28 billion to accumulate more than 147 million shares of Dell. That means Southeastern would lose about $270 million on its Dell holdings if the company is sold at $13.65 per share.

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