Exclusive: Dell shareholder Southeastern unhappy with buyout

US-DELL-SHAREHOLDER:Exclusive: Dell shareholder Southeastern unhappy with buyout

(Reuters) - Dell Inc's largest independent shareholder, Southeastern Asset Management Inc, has told the computer-maker that a $24.4 billion buyout bid undervalues it, adding to a chorus of investor dissatisfaction with the landmark deal, two sources close to the situation said.

Southeastern has privately told the company that it is "disturbed" by a $13.65 per share offer for the third-largest PC-maker by a consortium led by founder and CEO Michael Dell, and instead believes that Dell is worth $20 per share, the sources said on Thursday.

However, the sources said the buyout consortium has no plans to raise its current bid. The buyers are counting on the shareholders eventually realizing that no better options exist for Dell than their current offer, they said.

The Memphis, Tennessee-based fund, which owns a 7.5 percent stake in Dell, did not return calls seeking comment.

A representative for the buyout consortium, which also includes private equity firm Silver Lake Partners and Microsoft Corp, declined to comment. Dell was not immediately available for comment.

(Reporting By Nadia Damouni and Greg Roumeliotis in New York and Aaron Pressman in Boston; Editing by Gary Hill)

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