Business

Dell slide won’t sway holders on bid

Dell shareholders are still saying no to a buyout, The Post has learned.

Southeastern Asset Management and a second large owner of the ailing PC maker are not going to vote for Silver Lake Partners and Michael Dell’s proposed buyout — despite a 3.9 percent drop in Dell’s shares yesterday, a large Dell shareholder said.

The drop, to $13.40, left the PC maker’s shares under the $13.65 a share offer put forth by Michael Dell and Silver Lake.

The shareholder said he was familiar with leading independent shareholder Southeastern Asset Management’s thinking, and knew the 6.95 percent stake holder still didn’t like the standing $13.65 a share offer.

Southeastern Asset Management did not return calls.

The Dell share price decline was sparked by the Blackstone Group’s decision against making a counter-bid for the company.

Blackstone said yesterday that industry-wide PC sales “were inconsistent with management’s projections.”

The Dell shareholder said, “I wonder if that isn’t a convenient excuse.”

Michael Dell and Silver Lake, despite the industrywide PC decline, cannot get out of its $24 billion binding merger agreement, several sources said.

Blackstone was expecting that International Data Corp. last week would report a 7.7 percent first quarter decline in PC sales, not nearly double that number, another source said. That was why it dropped out, the source said.

It is unusual for a private equity firm, in the midst of a non-binding offer, to make an announcement upon backing out of the deal.

Blackstone might have been looking to send a message to Michael Dell with the statement.

Blackstone declined comment.