NEW YORK--(BUSINESS WIRE)--Today, Elliott Management Corporation (“Elliott”), a 2.2% beneficial stockholder of EMC Corp., issued the following statement regarding the news announcement that Dell Inc. will purchase EMC for $33.15 per share.
Jesse Cohn, Senior Portfolio Manager at Elliott, stated:
“This landmark transaction will create a powerhouse with leading franchises across enterprise IT. For EMC, this moment represents the culmination of Joe Tucci’s and his team's work to create one of the most important technology companies of our time. We also commend Michael Dell and Silver Lake for their vision and creativity in recognizing EMC’s unrealized value and in creatively structuring the transaction. Further, Elliott is pleased to participate in VMware’s ongoing upside through the tracking stock, which will benefit from both meaningful synergies as part of Dell’s organization as well as far greater liquidity than VMware shares have today.
“Elliott strongly supports this deal. As large stockholders, we have enjoyed a productive and collaborative dialogue with Joe Tucci and EMC’s Board and management. We are confident that this Board has worked tirelessly to evaluate all paths for the company and that today’s transaction represents the best outcome for stockholders.”
About Elliott Management Corporation
Elliott Management Corporation manages two multi-strategy hedge funds which combined have more than $27 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest hedge funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
