ROUND ROCK, Texas (AP) — Another major Dell shareholder is opposing the company's proposed $24.4 billion sale to a group led by its founder and CEO.
Mutual fund firm T. Rowe Price came out against the deal in a statement issued Tuesday.
T. Rowe Price Chairman Brian Rogers says the price of $13.65 per share undervalues Dell Inc., a struggling computer maker whose stock has sunk in recent years amid doubts about the company's ability to diversify beyond the slumping PC industry.
Dell must now overcome the resistance of its two largest independent shareholders to gain approval to complete the sale to CEO Michael Dell and investment firm Silver Lake.
Southeastern Asset Management lashed out at the deal last week. The firm contends Dell is worth should sell for nearly $24 per share.