Southeastern Asset Management and billionaire investor Carl Icahn led the effort last year to unseat a majority of the Chesapeake board and force changes that have led to CEO Aubrey McClendon agreeing to leave the company at the end of the month.
Shortly after winning its battle with Chesapeake, Southeastern moved its focus to Dell, which has fallen behind other computer makers.
Southeastern — which owns 8.4 percent of Dell — has challenged an effort by founder Michael Dell to buy up the company at a price the shareholder says is too low.
The Dell board has endorsed the takeover plan in a move Southeastern has said places “the interests of management above those of public shareholders.
“The board of directors appears to have dismissed better alternatives for public owners and selected a transaction, which has been public derided by shareholders as opportunistic and grossly undervalued, that favors management,” Southeastern wrote in a letter filed with the U.S. Securities and Exchange Commission.
Southeastern also has asked the directors to borrow money to pay shareholders a large one-time dividend.
As with its fight against Chesapeake’s directors, Southeastern has found itself with a powerful ally.
CNBC reported Wednesday that Icahn has bought up about 6 percent of Dell over the past few weeks.