michael dell

Just a few days after we reported that Dell’s largest investor would fight the $24.4 billion buyout, another shareholder has spoken out against the sale.

“We believe the proposed buyout does not reflect the value of Dell, and we do not intend to support the offer as put forward,” said Brian Rogers, chief investment officer of investment management firm T. Rowe Price, in a statement. As Reuters points out, T. Rowe Price does not have a history of publicly speaking out against deals such as this.

The firm controls about 4.4 percent of Dell shares as of Sept. 30, according to data from Thompson Reuters.

Private equity firm Silver Lake Partners and Dell founder and CEO Michael Dell led the deal. Dell has poured his personal funds into the buyout, which would enable him to control a majority stake in the newly privatized company.

Investors began their public fight against the deal on Friday. Southeastern Asset Management said in a regulatory filing and letter addressed to Dell’s board of directors that it would fight the sale. The firm made the case that Dell stock should be valued at up to $24 per share rather than the $13.65 offer price.

“Unfortunately, the proposed Silver Lake transaction falls significantly short of that and instead appears to be an effort to acquire Dell at a substantial discount to intrinsic value at the expense of public shareholders,” the firm said.

According to Reuters, three other major shareholders are also expected to oppose the offer.