Southeastern Asset Management

  • He's doing exceptional photographic work recently.

    M&A

    Carl Icahn Will Have To Wait Until October/Never For His Dell Proxy Fight

    It’s useful to be reminded every now and then that shareholders don’t really “own” corporations and they certainly don’t run them. Whatever you think of Carl Icahn’s self-funded, mildly loony plan to do a leveraged-recap-via-tender-offer of Dell, his basic argument, that Dell shareholders should be able to vote to (1) do that, (2) sell the […]

    / Aug 16, 2013 at 5:29 PM
  • I mean they probably aren't actually setting up the chairs or anything.

    M&A

    Dell Pretty Sure That This Time It’s Figured Out This Merger Thing

    Did you fly to Round Rock today to vote on Michael Dell and Silver Lake’s buyout of Dell? No, you did not, even I can’t keep up that fiction any more. By my count this is the third same-day cancellation of the special meeting but everyone’s figured out the game by now. Dell will eventually […]

    / Aug 2, 2013 at 4:27 PM
  • I kind of want to never use anything but his creepy Twitter-bio picture ever again.

    M&A, News

    Who Will Be Saddest About A Successful Dell Buyout?

    With today’s ISS report endorsing the Michael Dell / Silver Lake buyout of Dell, and with the market up on the likelihood that the deal will go through when shareholders vote on July 18, I suppose it’s about time to start the postmortems. How do you see the winners and losers? The opposition, led by […]

    / Jul 8, 2013 at 2:11 PM
  • Dell's future is so bright I gotta etc.

    News

    Carl Icahn Does Another Dell Thing

    Carl Icahn seems to have a lot of fun. Today he wrote a crazy letter to Dell shareholders that opens this way: We take this opportunity to respond to rumors regarding the availability of financing for our proposal for a recapitalization at Dell and to address recent statements by Dell that demean the prospects of […]

    / Jun 18, 2013 at 3:58 PM
  • I count 39% green?

    M&A

    Dell: Our Performance Has Been Atrocious, But Only For Certain Limited Purposes

    One of my favorite themes in the Dell LBO pseudo-battle is the cognitive dissonance between Dell’s need to tell its shareholders how screwed it is, for the purpose of convincing them to vote to sell at the somewhat underwhelming price of $13.65, and its need to simultaneously tell everyone how good it is, for most […]

    / Jun 10, 2013 at 7:04 PM
  • Also let's cut off the y axis so our shitty performance looks even shittier!

    M&A

    Dell Begs Shareholders To Put It Out Of Its Misery

    I feel like it would be a useful, or at least entertaining, exercise to require every company, once a year or so, to give a presentation to its shareholders that is like “here’s why you should vote for an LBO of our company at a ~2% premium to the current stock price.” Even if there’s […]

    / Jun 5, 2013 at 10:48 AM
  • News

    Carl Icahn Will Answer Dell’s Questions When He God Damn Wants To

    If there’s anything that Carl Icahn learned in the mean schoolyards of 1940s Far Rockaway, it’s chutzpah. To wit: responding to Dell’s demands for more information about his nebulous plan to sort-of take the company over by issuing a special dividend with no answers—but demands for information of his own.

    / May 20, 2013 at 2:29 PM
  • Getting there

    M&A

    Dell Wants Shareholders To Know That Southeastern Wasn’t Looking Out For Them

    Man, the resistance to this Dell deal is crumbling pretty fast isn’t it? Blackstone dropped its bid two weeks ago, Icahn and Southeastern have been relatively quiet since Icahn defended his right to a free exchange of ideas just before Blackstone dropped out, and the stock is at $13.33, ~2% below the $13.65 deal price, […]

    / May 2, 2013 at 5:54 PM
  • Oh, agreements.

    M&A

    Carl Icahn And Dell Disagree About What They Agreed On

    A good public-relations rule of thumb is that, when you and your nemesis sign an agreement putting aside your differences, you should probably also agree on how you’ll announce your new friendship to the world. What you don’t want to do is, for instance, to sign a standstill agreement with a potential buyer in your […]

    / Apr 16, 2013 at 6:22 PM
  • Not sure how they chose which to be solid & which to be dotted other than, like, the ones that look bad got dotted lines.

    M&A

    Dell’s Board Was So Fed Up With Its Managers That It Sold Them The Company

    I learned a new word, or word-like sequence of letters, reading the Dell merger proxy this weekend. The word is “must-believe,” and it’s a noun meaning a thing you must believe in order to embark on a certain course of action. You don’t have to believe a must-believe, but if you don’t believe it you […]

    / Apr 1, 2013 at 1:56 PM
  • Unimpressed

    M&A, News

    Prediction: Tomorrow Bill Ackman Will Announce That Dell Is A Pyramid Scheme

    In a Black-Scholes world you wouldn’t have long tedious arguments about whether an LBO represents a good deal for shareholders. You think Dell is undervalued at $13.65 a share? Hey that’s super. Pay $13.66 for 51% of the shares and vote the deal down.1 The end. There’s a certain class of debates that can be […]

    / Mar 6, 2013 at 5:57 PM
  • hey that's my name

    M&A

    Dell Shareholders Will Punch Themselves In The Face To Force Silver Lake To Be Nicer To Them

    One way in which my deep personal laziness manifests itself is my fascination with ways of getting paid not to do things.1 Contested M&A deals turn out to be full of such opportunities, from greenmail to don’t-work-for-a-hostile-bidder law-firm retainers. Break-up fees are a favorite of mine, and a place where I really feel mystified by […]

    / Feb 12, 2013 at 2:42 PM
  • Sometimes to mix it up I like to talk in front of a giant blue hand

    M&A

    One Shareholder Won’t Let Dell Go Without Putting Up A Fight

    Today Southeastern Asset Management, which is Dell’s biggest shareholder that doesn’t share a name with it, expressed its displeasure with the company’s $13.65-a-share LBO today in the form of a letter to the board patiently explaining that: Dell is worth $23.72 a share, and Dell could pay $11.86 a share in cash in the form […]

    / Feb 8, 2013 at 5:07 PM

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