DOVER, Del. (February 6, 2013)--A lawsuit was filed Wednesday in Delaware challenging plans to take troubled Round Rock-based personal computer maker Dell Inc. private.
The lawsuit claims that company founder Michael Dell and a group led by investment firm Silver Lake are trying to buy the computer maker on the cheap for $24.4 billion, or $13.65 per share.
The lawsuit filed one day after the management-led leveraged buyout was announced accuses Michael Dell and company directors of breaching their fiduciary duties by failing to maximize shareholder value and selling the company at an inadequate price at the expense of minority shareholders.
Anticipating resistance to the deal from stockholders, Dell's board has said other potential buyers will have 45 days for to submit higher bids.