EMC Shareholders Vote Strongly In Favor Of Merger With Dell
Companies To Combine Pending China Regulatory Approval
- EMC shareholders today approved the merger agreement with Dell.
- The transaction is expected to close on the original terms and within the originally announced timeframe.
HOPKINTON, Mass. – July 19, 2016 – EMC Corporation (NYSE:EMC) announced that, based on a preliminary vote tally from the Special Meeting of Shareholders held earlier today, EMC shareholders approved the merger agreement among Denali Holding Inc., Dell Inc., Universal Acquisition Co., and EMC, and approved the other two proposals described in EMC’s proxy statement relating to today’s meeting.
Approximately 98% of voting EMC shareholders cast their votes in favor of the merger, representing approximately 74% of EMC’s outstanding common stock as of the record date for the special shareholder meeting. The final results will be available on a Current Report on Form 8-K, to be filed later this week by the company.
The transaction is expected to close on the original terms and within the originally announced timeframe, subject to regulatory approval from China and satisfaction of customary closing conditions.
Joe Tucci, EMC Chairman and CEO, commented, “Today’s resoundingly favorable shareholder vote clearly supports our view that combining Dell and EMC will create a powerhouse in the technology industry. The Board and I care very deeply about, and have worked diligently to represent, what we believe is the best outcome for all stakeholders. I want to thank our shareholders for their support, as well as our customers and partners. My special thanks to the talented people of EMC for their hard work, dedication and passion.”
For more information about Dell and EMC combining visit http://www.emc.com/futureready
EMC Corporation 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.
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Important Legal Information: Disclosure Regarding Forward Looking Statements
This communication contains forward-looking information about EMC Corporation and the proposed transaction that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) the failure to consummate or delay in consummating the proposed transaction; (ii) the risk that a condition to closing of the proposed transaction may not be satisfied or that required financing for the proposed transaction may not be available or may be delayed; (iii) the risk that a regulatory approval that may be required for the proposed transaction is delayed, is not obtained, or is obtained subject to conditions that are not anticipated; (iv) risk as to the trading price of Class V Common Stock to be issued by Denali Holding Inc. in the proposed transaction relative to the trading price of shares of VMware, Inc.’s common stock; (v) the effect of the proposed transaction on VMware’s business and operating results and impact on the trading price of shares of Class V Common Stock of Denali Holding Inc. and shares of VMware common stock; (vi) the diversion of management time on transaction-related issues; (vii) adverse changes in general economic or market conditions; (viii) delays or reductions in information technology spending; (ix) the relative and varying rates of product price and component cost declines and the volume and mixture of product and services revenues; (x) competitive factors, including but not limited to pricing pressures and new product introductions; (xi) component and product quality and availability; (xii) fluctuations in VMware’s operating results and risks associated with trading of VMware common stock; (xiii) the transition to new products, the uncertainty of customer acceptance of new product offerings and rapid technological and market change; (xiv) the ability to attract and retain highly qualified employees; (xv) insufficient, excess or obsolete inventory; (xvi) fluctuating currency exchange rates; (xvii) threats and other disruptions to our secure data centers or networks; (xvii) our ability to protect our proprietary technology; (xix) war or acts of terrorism; and (xx) other one-time events and other important factors disclosed previously and from time to time in EMC Corporation’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Except to the extent otherwise required by federal securities law, EMC Corporation disclaims any obligation to update any such forward-looking statements after the date of this communication.