The largest-ever technology industry acquisition is set to close next week, following the announcement on Tuesday that Chinese regulators have approved Dell’s $63.4bn cash and stock purchase of computer storage company #EMC.
However, news of the deal’s imminent completion failed to resolve lingering Wall Street scepticism about some aspects of the complex, highly-leveraged transaction that has persisted since it was announced in October.
EMC’s shares were still changing hands after the news at an 11 per cent discount to the value implied by #Dell ’s cash and stock offer, apparently reflecting doubts about the value of an unusual type of equity that is being issued to help finance it. The so-called tracking stock is designed to reflect the performance of #VMware, the datacentre technology company majority owned by EMC, though investors will have no direct ownership stake or say in how it is run.
https://www.ft.com/content/942a50e8-6ef7-11e6-a0c9-1365ce54b926
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