Dell buyout snags money manager
The sun is reflected in the exterior of Dell Inc.'s offices in Santa Clara, Calif., in 2012.(Photo: Paul Sakuma, AP)Despite publicly opposing Michael Dell's bid to take the computer company he founded private, mutual fund giant T. Rowe Price supported the transaction in the voting booth, according to an analysis of the mutual fund giant's voting records by USA TODAY.T. Rowe's regulatory filings show that the money manager, which is opposing the Dell deal in Delaware court, voted "for" the 2013 buyout across its funds, including the Equity Income Fund, which owned 16.5 million Dell shares, the Science & Technology Fund, which owned seven million shares, the Balanced Fund and the Equity Index 500 Fund.T. Rowe Price's support for the $25 billion transaction contradicts statements it made leading up to the controversial deal, and afterward in Delaware court, where it has been seeking more than the $13.75 a share paid to stock owners, in cash."We are aware of a discrepancy in the communication of our voting instruction on the Dell buyout," the mutual fund company said in a statement. "T. Rowe Price has always opposed the Dell buyout and has made that opposition well known. We view the discrepancy as irrelevant for purposes of our ability to pursue appraisal," T. Rowe said, referring to its efforts to obtain more through legal channels. "Our goal remains to secure fair value from this deal for our clients."Dell officials declined to say when the company discovered the discrepancy, but mutual funds are required to release their voting records in bulk once a year.Experts say the "for" vote could upend T. Rowe's case for more money.“You give up your right to complain when you vote 'For' the transaction”Lawrence RolnickUnder Delaware law, shareholders may ask a judge to place a value on corporate transactions they…
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