It would seem that the "immediate value" Michael Dell says stockholders are poised to receive thanks to Dell's $24 billion privatization deal isn't proving satisfactory to some. Today, investment firm T. Rowe Price, which holds a sizable chunk of Dell stock, came out in opposition of the proposed terms. "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, T. Rowe's chief investment officer. T. Rowe Price is believed to control approximately 4.4 percent of Dell's shares, and the company isn't alone in its concerns. Just last Friday, Southeastern Asset Management, which holds an even larger 8.5 percent stake in Dell, said it too plans to vote against the deal in its current form. Reuters reports that three other "major shareholders" are also unhappy with the Microsoft-backed buyout, which works out to $13.65 per share.

Dell will need a majority of stockholders to vote in favor of the leveraged buyout offer for its plans to become a private company to advance forward. The opposition we're seeing now doesn't necessarily spell disaster for that effort, but makes clear that investors are looking for a higher offer than the $24.4 billion put forward by Michael Dell and private equity firm Silver Lake Partners.