Large Dell Holder Sells Stake After Blackstone Pullout
The Oakmark Funds, a group of mutual funds that was one of Dell Inc.’s larger shareholders, sold its stake after Blackstone Group LP withdrew its potential bid for the PC maker, Oakmark said Wednesday.
A “potential acquirer with access to non-public information decided to end its quest to acquire Dell at a higher price. Since they had information we didn’t, we believed it was prudent to assume they might be right. So we sold our stock and will put the proceeds into other stocks that we are more confident are undervalued,” said Bill Nygren, co-portfolio manager of the Oakmark Fund, Oakmark Select Fund and Oakmark Global Select Fund, in a statement published Wednesday.