“It looks like Michael Dell is trying to steal his company from public shareholders,” Andrew Bary writes for Barron’s. “The big question is whether he will get away with it.”

“The markets seem to be saying that Michael Dell will be able to pull off the $24.4 billion buyout deal approved by the board this morning. Dell (ticker: DELL) shares now trade around 13.38, up 11 cents on the session, but below the buyout price of $13.65 in cash announced this morning,” Bary writes. “If investors figured that Dell would have to increase the price to get shareholder approval, the stock might be trading above the deal price.”

Bary writes, “Wall Street, however, may be underestimating the potential shareholder opposition to the Dell buyout. The price equates to just eight times projected profits of $1.65 a share in Dell’s fiscal year ending in January 2014. The effective P/E is closer to six when Dell’s net cash of $5 billion, or $3 a share, is factored in. No major company has ever gone private at such a low price during the past decade… It’s maddening to some shareholders that Michael Dell’s leadership contributed to the sharp drop in the share price and now he is using that weakness to try to buy out public shareholders at what looks like a very low price.”

Read more in the full article here.

MacDailyNews Take: Or maybe the majority of DELL shareholders will be happy to just get something out of beleaguered Dell in a post-PC world versus being left holding the bag.

Related articles:
Dell gives the money back to the shareholders, goes private in $24.4 billion deal – February 5, 2013
Michael Dell bristles when his beleaguered PC company is compared with mighty Apple Inc. – February 4, 2013
Apple now worth 38 times Dell’s market value – October 3, 2012