On Monday, Dell is announcing that it will acquire EMC, a storage technology firm headquartered in Massachusetts, in the largest-ever tech merger, according to several media reports.
A source told Bloomberg that Dell plans to pay slightly more than $25 a share in cash, in addition to tracking stock for EMC's majority stake in VMware, worth about $8 for each EMC share. Negotiations were still underway late Sunday, and sources told Reuters that EMC is asking for a provision that will allow it to solicit bids from other companies and pay a smaller fee to Dell if it goes with a different party. EMC has a market capitalization of $53.6 billion, and The New York Times values the deal to buy it at about $65 billion. The merger was negotiated directly between Dell CEO Michael Dell and EMC chief executive Joe Tucci, according to Re/Code.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
