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
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have inf...
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, H...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framewo...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API M...
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

Breaking Cloud Computing News

LONDON, Oct. 23, 2014 /PRNewswire/ -- This report analyzes the worldwide markets for Digital Righ...