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EMC Sets Date for Shareholder Vote on Dell Deal

Key Speakers At The Oracle OpenWorld 2013 ConferenceKey Speakers At The Oracle OpenWorld 2013 Conference
Joe Tucci, former CEO of EMCPhotograph by David Paul Morris — Bloomberg via Getty Images

EMC shareholders will be able to vote on the massive Dell deal on July 19, according to a company statement on Tuesday.

When the blockbuster deal was announced last October by Dell chief executive Michael Dell and his EMC (EMC) counterpart Joe Tucci, the merger was worth an estimated $67 billion. Its value has fluctuated since then, but the purchase remains on track to close by October of this year despite some bumps in the road.

EMC shareholders of record as of May 13, 2016 are eligible to vote on the plan.

The combined companies—which will also include VMware (VMW), the server virtualization giant that is majority owned by EMC, as well as EMC “Federation” members RSA, Pivotal, and Virtustream—will be a contender in what EMC calls a $2 trillion IT market.

For more, read: Dell and EMC Merger Is Official

Critics remain unconvinced. In their view, the debt-laden Dell-EMC-VMware amalgam will be a Frankenstein company more concerned with financial re-engineering than delivering great products at a time when more corporate workloads are migrating from on-premise server rooms to public clouds run by Amazon (AMZN) Web Services, Microsoft (MSFT), and potentially Google (GOOG).

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Pivotal, which offers new-age software development products consulting services and big data capabilities for this new cloud universe, will likely continue on its IPO track after deal is done. Last month, EMC converted $400 million in Pivotal debt to equity, clearing the way for a Pivotal public offering.

The Dell-EMC deal has passed all regulatory hurdles except in China, but Dell executives are confident that this will happen soon.