HOPKINTON, Mass. - July 06, 2016 -
EMC Corporation (NYSE:EMC) today announced that Glass Lewis, an independent proxy advisory firm, has recommended that EMC shareholders vote “FOR” the proposal to approve the merger agreement among Denali Holding Inc., Dell Inc., Universal Acquisition Co., and EMC, and “FOR” the other two proposals described in EMC’s proxy statement relating to the company’s Special Meeting of Shareholders to be held on July 19, 2016.
Glass Lewis prefaced its conclusion that the proposed transaction is in the best interests of shareholders with the following:
“Overall, we find that the proposed transaction is financially and strategically reasonable from the perspective of EMC and its shareholders. The proposed consideration represents what is, in our view, an attractive premium to the unaffected closing price of EMC shares and appears generally reasonable in numerous analyses presented by the independent financial advisors, including relative to peer trading multiples, premiums paid and discounted cash flows including stock based compensation expense. The proposed consideration will allow shareholders to realize a substantial portion of their investment in cash and to continue to participate in the future performance of VMware.”
Joe Tucci, Chairman and CEO of EMC commented:
“We are very pleased that Glass Lewis is recommending EMC shareholders vote ‘FOR’ the proposed merger with Dell. I firmly believe, as does EMC’s Board of Directors, that the coming together of EMC and Dell is the best strategic option for all stakeholders. The new Dell Technologies will be a powerhouse in the technology industry with approximately $74 billion in revenues, a complementary product portfolio, and expanded market reach in a number of high-growth areas of the $2 trillion information technology market.”
EMC Corporation (NYSE:EMC) is a global leader in enabling businesses and service providers to transform their operations and deliver IT as a service. Fundamental to this transformation is cloud computing. Through innovative products and services, EMC accelerates the journey to cloud computing, helping IT departments to store, manage, protect and analyze their most valuable asset – information – in a more agile, trusted and cost-efficient way. Additional information about EMC can be found at www.EMC.com.