Data center News
EMC Shareholder Vote On Dell Deal Set For July 19
EMC has set July 19 as the day shareholders will have the opportunity to vote on the company's acquisition by Dell.
In a U.S. Securities and Exchange Commission filing Monday, the data storage giant said the vote will take place during a special meeting at the company's Hopkinton, Mass., headquarters.
The acquisition is considered the largest in the history of the IT industry and was valued at about $67 billion when it was initially proposed last October. Since then, fluctuations in the stock price of VMware, which is 80 percent owned by EMC, has brought the deal's value below $60 billion, and then back to more than $62 billion.
The deal calls for Round Rock, Texas-based Dell, its holding company Denali Holding and private equity firm Silver Lake Partners to pay $24.05 a share for EMC, and also give EMC shareholders 0.111 share Denali tracking stock tied to VMware's performance.
Chinese regulatory authorities have also yet to approve the merger, which is expected to close before the end of October.
Denali Holding also said Monday that it had issued a $3.25 billion junk bond to help fund the EMC buy. Dell has said it will take on up to $49.5 billion in debt to make the acquisition work.