Dell's move to go private won't sit well with T. Rowe's Rogers
BBJ File Photo
Brian Rogers claims that the deal between Dell and Silver Lake Partners undervalues the company
- Gary Haber[1]
- Staff Reporter- Baltimore Business Journal
- This email address is being protected from spambots. You need JavaScript enabled to view it.[2] | Twitter[3]
Dell Inc.[4] shareholders approved founder Michael Dell[5]’s plans to take the Round Rock, Texas, computer maker private, but it was a move T. Rowe Price Chairman [6]Brian Rogers[7] publicly opposed.
T. Rowe (NASDAQ: TROW), though its mutual funds, was the fourth-largest institutional shareholder in Dell (NASDAQ: DELL) as of June 30, according to FactSet data. The company owned just under 61 million Dell shares as of that date, which was down from 77.6 million shares as of March 31, according to FactSet.
Rogers, who is also T. Rowe’s chief investment officer, reaffirmed in July his view that Dell and investment firm Silver Lake Partners’ $24.4 billion offer undervalued the company[8].
Dell and Silver Lake since increased their offer to about $24.9 billion. Dell shareholders will get $13.88 in cash for each share, including a 13 cent special dividend, under the proposal shareholders approved Thursday.
Kylie Muratore[9], a T. Rowe spokeswoman, said the company was not commenting on the shareholder vote.
Gary Haber covers Banking, Finance, Insurance, Law
References
- ^ Gary Haber (feeds.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
- ^ Twitter (twitter.com)
- ^ Dell Inc. (www.bizjournals.com)
- ^ Michael Dell (feeds.bizjournals.com)
- ^ but it was a move T. Rowe Price Chairman (www.bizjournals.com)
- ^ Brian Rogers (feeds.bizjournals.com)
- ^ undervalued the company (www.bizjournals.com)
- ^ Kylie Muratore (feeds.bizjournals.com)