As of today's close, EMC's stake in VMW is worth 13.96. The EMC stub is worth 6.75. IF CSCO acquired EMC, if no other actions were taken, it would not necessarily affect the VMW valuation. At 6.75, EMC trades for about 3.5x EBITDA. At 8x, the stub would be valued at about 14, based on forecast 2010 EBITDA of $3.1 billion.