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Mar 21, 2013

Exclusive: Southeastern had eyed joining Dell buyout group – sources

NEW YORK/BOSTON (Reuters) – Dell Inc is set to disclose next week that its largest independent investor, Southeastern Asset Management, originally expressed interest in joining the proposed leveraged buyout deal that it now opposes, according to two people familiar with the matter.

On January 29, a week before the technology company’s founder Michael Dell and private equity firm Silver Lake Partners announced their $24.4 billion buyout bid, Southeastern and its lawyers met with one of Dell’s independent directors, Alex Mandl, who was part of a special committee reviewing the company’s strategic options. Also at the meeting was the committee’s legal adviser, Debevoise & Plimpton LLP.

Mar 21, 2013

Southeastern had eyed joining Dell buyout group-sources

NEW YORK/BOSTON, March 21 (Reuters) – Dell Inc is
set to disclose next week that its largest independent investor,
Southeastern Asset Management, originally expressed interest in
joining the proposed leveraged buyout deal that it now opposes,
according to two people familiar with the matter.

On Jan. 29, a week before the technology company’s founder
Michael Dell and private equity firm Silver Lake Partners
announced their $24.4 billion buyout bid, Southeastern and its
lawyers met with one of Dell’s independent directors, Alex
Mandl, who was part of a special committee reviewing the
company’s strategic options. Also at the meeting was the
committee’s legal adviser, Debevoise & Plimpton LLP.

Mar 19, 2013

For muni investors, Oppenheimer sees a sunny Puerto Rico

By Aaron Pressman

(Reuters) – For investors concerned about how much longer the bond rally will run, tax-free U.S. municipal debt is an attractive option.

Tax-free debt has not nearly kept up with the rally in U.S. Treasury bonds during the past few years, making it “one of the last bastions of value in the fixed-income world,” says Troy Willis, senior portfolio manager at OppenheimerFunds.

Mar 13, 2013

Fidelity expands ETF partnership with BlackRock

BOSTON (Reuters) – Fidelity Investments expanded its 3-year-old partnership with BlackRock Inc (BLK.N: Quote, Profile, Research, Stock Buzz) to offer its customers free trading of more exchange-traded funds, as the once-dominant mutual fund company strives to catch up in a faster-growing market.

Fidelity brokerage customers will be able to trade 65 BlackRock iShares ETFs without paying a commission, up from 30 funds currently, the two firms said on Wednesday.

Feb 15, 2013

Big hedge funds fueled fourth-quarter dive in Apple shares

BOSTON (Reuters) – Some of the biggest hedge funds that helped make Apple Inc a stock market darling lost faith and dumped their stakes in the fourth quarter, fueling the massive drop in the iPhone maker’s share price.

Noted stock pickers including Leon Cooperman, Eric Mindich and Thomas Steyer unloaded billions of dollars of Apple shares between September 30 and December 31, according to disclosure documents filed on Thursday.

Feb 14, 2013

Big hedge funds fueled Apple’s fourth-quarter share plunge

BOSTON (Reuters) – Some of the biggest hedge funds that helped make Apple Inc a stock market darling lost faith and dumped their stakes in the fourth quarter, fueling the massive drop in the iPhone maker’s share price.

Noted stock pickers including Leon Cooperman and Thomas Steyer unloaded billions of dollars of Apple shares between September 30 and December 31, according to disclosure documents filed on Thursday.

Feb 12, 2013

T. Rowe Price joins growing opposition to Dell buyout

By Aaron Pressman

(Reuters) – Dell Inc’s third-largest shareholder, T. Rowe Price Group, on Tuesday joined a growing number of investors putting pressure on Michael Dell and his partner Silver Lake to sweeten their $24.4 billion buyout offer for the PC maker.

“We believe the proposed buyout does not reflect the value of Dell, and we do not intend to support the offer as put forward,” T. Rowe Chief Investment Officer Brian Rogers said in a statement.

Feb 8, 2013

Dell shareholder Southeastern unhappy with buyout

Feb 7 (Reuters) – Dell Inc’s largest independent
shareholder, Southeastern Asset Management Inc, has told the
computer maker that a $24.4 billion buyout bid undervalues it,
adding to a chorus of investor dissatisfaction with the landmark
deal to take it private, two sources close to the situation
said.

Southeastern has privately told the company that it is
“disturbed” by a $13.65 per share offer for the third-largest PC
maker by a consortium led by founder and CEO Michael Dell, and
instead believes Dell is worth $20 per share, the sources said
on Thursday.

Feb 8, 2013

Exclusive: Dell shareholder Southeastern unhappy with buyout

By Nadia Damouni and Aaron Pressman and Greg Roumeliotis

(Reuters) – Dell Inc’s largest independent shareholder, Southeastern Asset Management Inc, has told the computer maker that a $24.4 billion buyout bid undervalues it, adding to a chorus of investor dissatisfaction with the landmark deal to take it private, two sources close to the situation said.

Southeastern has privately told the company that it is “disturbed” by a $13.65 per share offer for the third-largest PC maker by a consortium led by founder and CEO Michael Dell, and instead believes Dell is worth $20 per share, the sources said on Thursday.

Feb 5, 2013

Some large Dell shareholders bitter over LBO price

BOSTON (Reuters) – Some fund shareholders of Dell Inc said they were outraged by company founder Michael Dell’s plan to take the computer maker private for less than $14 a share, accusing him of effectively trying to steal the company.

With Dell trading at a low valuation relative to other technology companies, the board of directors should not have approved a leveraged buyout at that price, they said. Dell is paying $13.65 per share in cash for the stock, which ended on Tuesday at $13.42, up 1.1 percent.

    • About Aaron

      "Boston-based reporter covering investment management and investing. Previously worked at Businessweek in Boston and at The Industry Standard and Reuters in Washington, D.C."
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