An investor in Dell has sued the company’s chief executive officer, Michael Dell and other company directors alleging that Dell’s board is shortchanging shareholders in a $24.4bn management-led takeover.
The deal would see Dell become the largest individual shareholder with a stake of 14%, with which Michael Dell will pay $13.65 per share.
According to Bloomberg, lawyers of Dell investor, Catherine Christner claimed Michael Dell has misused his position as the firm’s top executive and board chairman by leading the buyout.
Dell directors have also been accused of violating legal duties to shareholders by enabling the company’s founder and a private-equity fund to inexpensively take over.
The buyout, for which Microsoft provided $2bn in financing the deal, is expected to be concluded by 05 November 2013.
