Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
Dell's Leveraged Buyout Meets Resistance
In a letter to Dell’s board Southeastern’s “extremely disappointed” CEO called the sales price “woefully inadequate"

Southeastern Asset Management Inc., Dell’s biggest stockholder next to its founder with an 8.5% piece of the action, said Friday that it’s violently opposed to the leveraged buyout Dell’s board has agreed to.

The deal would see the company knocked down for $24.4 billion, a sum that works out to $13.65 a share.

Founder Michael Dell would wind up with control with perhaps more than a 50% of the new enterprise in exchange for his current 14% plus $750 million of his own money.

Silver Lake, the private equity house, Microsoft and a passel of banks are providing the rest.

In a long letter to Dell’s board Southeastern’s “extremely disappointed” CEO O. Mason Hawkins called the sales price “woefully inadequate,” claiming the company is worth at least $24 a share if you count Dell’s financial services unit, recent acquisitions and other assets.

The letter swore “to avail ourselves of all options at our disposal to oppose the proposed transaction, including but not limited to a proxy fight, litigation claims and any available Delaware statutory appraisal rights.”

The deal can’t be pulled off without the backing of the majority of shares not held by Michael Dell, and his consortium has reportedly said it won’t budge on the price. They figure they can pull off maybe a 25% ROI over five years on their investment.

Opposition is also coming from other institutional investors. Reuters says three of Dell’s other big investors including Harris Associates LP, Yacktman Asset Management and Pzena Investment Management LLC – that together hold 3.3% of Dell’s shares – plan to vote against the proposed buyout.

Pzena chairman Richard Pzena, who claims the deal is based on “greed,” told Reuters. “The one thing that was missing from Southeastern’s letter was an objection that as a private company they can achieve their objectives that they can’t as a public company. You are hard pressed to see what that is especially since...they said they are not changing their strategy.” Friday he advocated a Dutch auction.

Southeastern, which is ticked that it could miss out on future gains, has the notion Dell would bring in more money if cut up and sold off to strategic buyers. It said it would have endorsed a deal that saw Dell borrow $9 billion to help pay shareholders a special dividend of $12 a share or a go-private sale where shareholders could choose to participate in the new company.

Southeastern paid $16.88 a share on average for the position it now holds, meaning a loss of nearly $400 million if Dell goes down for $13.65 a share.

Dell maintains that “The board concluded that the proposed all-cash transaction is in the best interests of stockholders.”

If the deal doesn’t go through, the stock, now inflated on expectations of the deal closing, is expected to drop. It was trading at $8.85 in mid-November after its latest earnings call.

Michael Dell and the Dell board are also being sued by a stockholder who claims the board is short-changing shareholders and that Michael is abusing his insider position.

About Maureen O'Gara
Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

In order to post a comment you need to be registered and logged in.

Register | Sign-in

Reader Feedback: Page 1 of 1

Latest Cloud Developer Stories
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-gene...
IBM has announced a new strategic technology services agreement with Anthem, Inc., a health benefits company in the U.S. IBM has been selected to provide operational services for Anthem's mainframe and data center server and storage infrastructure for the next five years. Among t...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results the...
"SOASTA built the concept of cloud testing in 2008. It's grown from rather meager beginnings to where now we are provisioning hundreds of thousands of servers on a daily basis on behalf of customers around the world to test their applications," explained Tom Lounibos, CEO of SOAS...
SYS-CON Media announced today that PagerDuty has launched a popular blog feed on DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transformin...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE