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(Reuters) - Pivotal Software Inc, a division of Dell Technologies Inc, said on Monday it expects its initial public offering of 37 million Class A shares to raise up to $592 million. Pivotal Software said ...
Dell, the world's largest privately held technology company, is under pressure to boost profitability after its debt-laden acquisition of data storage provider EMC Corp for $67 billion in 2016 failed to meet financial targets, hurt by intensifying price competition. Combining with VMware would provide access to VMWare's $11.6 billion in cash, helping Dell trim its $52.5 billion debt pile. The combination would also make Dell a publicly listed company, offering a path for private equity firm Silver Lake to begin selling down its 18 percent stake if it chooses to.
The move, which may not result in any deal, comes as Dell, the world’s largest privately held technology company, seeks new avenues for growth following its debt-laden acquisition of data storage provider EMC Corp for $67 billion in 2016. Dell plans to announce as early as Friday that it will review a possible reverse merger with VMware, as well as other alternatives, including an initial public offering or asset divestitures, the three sources said. VMware plans to announce that it will form a special committee of board directors to consider a combination with Dell, according to the sources.
PCs, servers and storage equipment - from cloud-based services provided by Amazon.com Inc, Microsoft Corp and others. "As part of our ongoing multi-year strategic planning, Dell Technologies is evaluating a number of potential business opportunities," founder Michael Dell said in a blog post. Reuters reported on Thursday that Dell planned to review a possible reverse merger with VMware, as well as other options, including an IPO or asset sales.
Dell's board of directors will meet later this month to consider the biggest shakeup in the company's history since it acquired data storage provider EMC Corp for $67 billion in 2016,the sources said. The Round Rock, Texas-based company, headed by its founder Michael Dell, is under pressure to boost its profitability after the EMC deal failed to deliver the cost savings and performance it projected, while higher component costs and a challenging data storage market have eroded its margins. Dell is reviewing a list of several possible acquisition targets that would boost its cash flow and expand its offerings, the sources said.
Delaware's Supreme Court ruled on Thursday that a lower court erred in finding that the 2013 buyout of computer maker Dell Inc was vastly underpriced, in an opinion that will likely restrict a hedge fund strategy aimed at wringing cash from mergers. Thursday's ruling stems from an "appraisal" lawsuit, which allowed Dell shareholders who opposed the $24.9 billion buyout to ask a judge to determine the fair value of their stock. Last year, a Delaware Court of Chancery judge ordered Dell to pay Magnetar Capital and other Dell investors $17.62 for each of their 5.5 million shares, well above the $13.75 per share deal price paid by Michael Dell and Silver Lake Partners.
MADISON, Wis. (AP) — The Wisconsin Assembly sent a $3 billion incentive package for Taiwan-based Foxconn to Gov. Scott Walker on Thursday, signing off on a deal to lure the electronics giant to the state with the biggest subsidy to a foreign company in U.S. history.