Dell is becoming a public company again after 5 years
Dell is becoming a public company again after 5 years
Dell confirms plan to return to public markets
03 July, 2018, 02:34
Dell had also said earlier this year it was considering a full merger with VMware.
Michael Dell now owns 72 percent of common shares in Dell, while Silver Lake owns 24 percent.
VMware is surging Monday morning, trading up 9.56%, after its parent company, Dell Technologies, said it will buy out the shares that track its performance as part of a broader effort to simplify its ownership structure. Following the deal, Michael Dell will own 47 percent to 54 percent of the combined company, while Silver Lake will own between 16 percent and 18 percent. The Class C shares will list on the New York Stock Exchange.
Should Dell become a public company once again, it's not entirely clear what will happen to VMware - although it should be possible for it to continue to operate as it now does.
Now, in a complex proposed transaction, VMware will pay an $11bn special dividend to all its shareholders, meaning DVMT shareholders will receive a pro-rata share of some $9bn.
At the weekend, the WSJ reported the possibility that Dell would attempt to swap privately held shares in itself with the "tracking stock" it created when buying EMC - and the * a target="_blank" href="https://searchwww.sec.gov/EDGARFSClient/jsp/EDGAR_MainAccess.jsp?search_text=*&sort=Date&formType=1&isAdv=true&stemming=true&numResults=10&queryCo=Dell%20Technologies&numResults=10" *SEC filing and a Dell missive have just confirmed the news. The offer is a 29 percent premium to Class V's closing price Friday. And for DVMT shareholders who opt for Dell Technologies Class C common stock rather than cash, "there should be a significant amount of upside" given its current low valuation, she said.
Michael Dell said unprecedented data growth is fueling the digital era of IT, adding that they are uniquely positioned with their portfolio of technologies and services to enable the digital, IT, security and workforce transformations of their customers.
The tracking stock was created as a way to help finance Dell's purchase of storage pioneer EMC in 2016.
The transaction is expected to close in the fourth quarter following approval by a majority of unaffiliated Class V shareholders. "The company paid down 25 percent of its $42 billion debt in two years and cash flow is strong".
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