Thu February 7, 2013
Lawsuit Claims Dell Buyout is at Expense of Shareholders
Dell Inc. is facing a lawsuit. It was filed in Delaware on Wednesday.
The lawsuit accuses founder and CEO Michael Dell and other company directors of breaching their fiduciary duties by failing to maximize shareholder value and selling the company at the lowest price at the expense of shareholders.
Dell announced plans this week to go private. Michael Dell and an investment firm called Silver Lake are trying to buy Dell Inc. for $24.4 billion, or $13.65 per share.
Some shareholders believe that price is much less than the real value of the the world’s third-bigger maker of personal computers.
Other potential buyers still have time to make bids before the deal is complete. Dell's board is giving potential buyers 45 days to submit higher bids.