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.
-
Morales seeks re-election defying constitution and criminal chargesUnder the Radar Supporters of former president Evo Morales clash with authorities as political and economic turmoil deepens
-
June 22 editorial cartoonsCartoons Sunday’s political cartoons include a SpaceX flight, Bibi pulling Donald Trump toward war, and an ICE agent looking like a bank robber
-
5 bunker-busting cartoons about the Israel-Iran warCartoons Political cartoonists take on Iran waiting for Pete Hegseth to leak war plans and Donald Trump's wish for a Nobel prize
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
