Reuters is reporting that several major shareholders and investment firms of Dell are having issues with Dell's buyback terms. Southeastern Asset Management is holding out saying that the offered $13.65 a share is too low and thinks the number needs to be around the $20 mark.

The pending deal has to pass a couple hurdles before the privatization can become official. Shareholders need to approve the deal by a majority vote, and regulatory agencies must sign off on it as well.

Voting against the deal is Alpine Capital Research president Nick Tompras. He manages about two million shares of Dell stock, and said "Let the fools sell low -- don't make us all fools." Schneider Capital Management President Arnie Schneider holds 350,000 shares and will also vote against the deal.