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Reorg Research Quotes Jason Saltsberg on VMW Shareholders and the Holders of Dell’s Tracking Stock

April 10, 2018

Corporate Partner Jason Saltsberg was quoted in the April 6, 2018 Reorg Research (subscription required) article concerning VMW minority shareholders and its relation to holders of Dell’s Tracking Stock. VMware’s minority shareholders will likely enjoy a stronger hand compared to the holders of Dell Technologies’ tracking stock in the event of a reverse merger between the companies, according to several experts that spoke to Event Driven. According to a securities litigator, minority shareholders of VMware have “procedural protections” that put them in a better position than holders of Dell’s tracking stock. VMware would likely issue new shares as merger consideration in the case of a potential reverse merger. Jason Saltsberg commented on the situation stating that “Dell seeks to capture the spread between VMware common stock and the Dell tracker to unlock gains.” The spread between the VMware common stock and the Dell tracker would unlock roughly $9.7 billion in value and the spread will be shared among minority shareholders of VMWare, the tracker, and Dell and his PE partners. 

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