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Management of Southeastern Asset Management, the largest outside investor in Dell Inc. (NASDAQ: DELL), made the case that the personal computer company is worth $24 a share. That is a stretch by any sense of the imagination. Dell’s current price is only about $14, and, by most measures, its overall business prospects are deteriorating.

According to The Wall Street Journal:

A person familiar with the matter estimated that Southeastern paid an average price for Dell of about $16.90, when factoring in all accounts managed by the firm.

In a lengthy analysis filed on Friday with the Securities and Exchange Commission, Southeastern argued that Dell is worth more than the offer and that the company would likely generate a better return to shareholders if it were to sell pieces of the business. Southeastern also outlined other options it said would be more attractive to shareholders than the proposed buyout, including a one-time dividend funded with Dell’s cash and some debt, or a buyout that gave current shareholders an opportunity to participate.