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Blockbuster Dell-EMC Acquisition Gets Important Seal of Approval

July 6, 2016, 11:06 PM UTC
EMC CEO Joseph Tucci and Dell CEO Michael Dell.
EMC CEO Joseph Tucci and Dell CEO Michael Dell.
Photographs by Getty Images

Dell’s blockbuster bid to acquire business technology giant EMC for $59 billion has gained an important seal of approval.

EMC said on Wednesday that Glass Lewis, a high-profile financial advisory firm, has recommended that EMC shareholders approve the deal, which was announced in October. Dell and EMC need shareholders to support the acquisition that involves Dell absorbing EMC (EMC) and its so-called federation of quasi-independent companies that includes VMware (VMW) and RSA Security.

Glass Lewis said the deal “is financially and strategically reasonable from the perspective of EMC and its shareholders,” according to the announcement.

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“We are very pleased that Glass Lewis is recommending EMC shareholders vote ‘FOR’ the proposed merger with Dell,” EMC CEO Joe Tucci said in a statement. “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.”

Tucci also wrote a letter on Wednesday to EMC shareholders that urged them to vote on the proposed acquisition before a shareholder meeting on July 19. Tucci’s letter was disclosed in a regulatory filing.

“Your vote is important,” Tucci wrote. “The merger cannot be completed without approval by holders of a majority of the outstanding shares of EMC and an abstention or failure to vote will have the same effect as a vote against the merger.”

EMC is no doubt hoping that Glass Lewis’s endorsement of the deal will be enough to persuade undecided EMC shareholders who are skeptical that a newly combined company would be able to better compete in a fast-changing technology landscape than either Dell or EMC by themselves.

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In February, both the Federal Trade Commission and the European Union approved the deal. It still needs to be approved by shareholders and Chinese regulators.