Dell Inc. shareholder Yacktman Asset Management said it plans to support Carl Icahn and Southeastern Asset Management's buyout proposal for the PC maker.
Yacktman, which holds 14.8 million shares of Dell, said it believes founder and Chief Executive Officer Michael Dell's $24.4 billion buyout offer is depressing the stock.
"As a holder and longtime follower of Dell's stock, we believe that Dell has historically made numerous poor capital allocation decisions," Yacktman said in a statement on Tuesday.
"We are fearful that current management could continue this course. A change in the board of directors could significantly improve this and other issues and lead to enhanced shareholder value."
© 2014 Thomson/Reuters. All rights reserved.