T. Rowe Price Group Inc., the second-largest outside investor in Dell Inc., said it won’t support the proposed $24.4 billion buyout of the computer maker because it undervalues the company.

“We believe the proposed buyout does not reflect the value of Dell and we do not intend to support the offer as put forward,” Brian Rogers, T. Rowe’s chairman and chief investment officer, said today in an e-mailed statement from Baltimore.

To contact the reporter on this story: Charles Stein in Boston at cstein4@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net