Opposition to Dell's notion of going private on the cheap to the advantage of Dell CEO Michael Dell had its board defending its bow to the idea.

The board said Wednesday that independent directors had reviewed several alternatives over a five-month period including breaking up the company, recapitalizing, selling off units, increasing the dividend or going on as before and unanimously fixed on the proposed leveraged buy-out at the price of $13.65 a share on offer.

Major and some smaller shareholders intend to vote against the deal when the time comes.

Whether that jinxes the deal remains to be seen.

Southeastern Asset Management, the biggest of the naysayers, which imagines Dell is worth $24 a share, wants access to the list of shareholders.

T Rowe Price is also opposed.

Southeastern has threatened a proxy fight. So has Carl Icahn, who's reportedly picked up 6% of the company.

Evercore Partners is supposed to be looking for a better deal for Dell. Investors, who have boosted Dell's shares to $14.31, apparently figuring the deal will be sweetened to $15 a share.