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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dell Technologies Inc. Class V (delisted) | NYSE:DVMT | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 80.00 | 0.00 | 01:00:00 |
By Micah Maidenberg
Dell Technologies Inc. is set to begin trading again as a public company later this month.
Shareholders of a stock that tracks Dell's interest in software maker VMware Inc. on Tuesday voted to approve a transaction that will allow Dell to simplify its complex ownership structure and return to the public markets.
Under the terms of the deal, Dell will buy out shareholders in the tracking stock, known by its ticker DVMT, allowing Dell to trade under a new ticker as a PC and data-storage firm.
Dell said Tuesday that more than 61% of shareholders in the tracking stock voted in favor of the transaction, which is expected to close Dec. 28. One class of Dell shares will also begin trading on that day on the New York Stock Exchange.
"With this vote, we are simplifying Dell Technologies' capital structure and aligning the interests of our investors," Michael Dell, the company's chief executive, said in prepared remarks.
Last month, the company lifted its offer to holders of the tracking stock, some of which thought Dell's initial offer undervalued their shares. The company faced pressure from activist investors, including Carl Icahn.
Dell's final offer had an implied value of about $24 billion, including $14 billion in cash and the remainder in shares of the future publicly traded Dell. The initial offer had an implied value of about $22 billion.
In 2015, Dell set up the DVMT tracking stock to help it finance its takeover of the data-storage company EMC Corp., then the owner of most of VMware. Tracking stocks let companies expose business to public markets, potentially increasing their value and visibility.
Dell went private in $24.4 billion leveraged buyout in 2013. That deal was led by Mr. Dell, the company's founder, and investment firm Silver Lake.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
December 11, 2018 10:26 ET (15:26 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
1 Year Dell Technologies Inc. Chart |
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