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  "documentTitle": "Dell Technologies (Class V / DVMT tracking stock) (DVMT)",
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  "authorName": "Carl C. Icahn",
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  "notes": "Uses quotes from Deutsche Bank, ISS, and Bloomberg to build a case against the proposed transaction.",
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      "text": "In other words, not only does Dell want to acquire your DVMT shares at a 30% discount, but incredulously, they also want to pay for it by using Dell equity at an inflated valuation that assumes the full economic value of the VMW shares!",
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      "text": "While DVMT continues to trade at a ~35% discount to the VMware shares they are supposed to track, Michael Dell and Silver Lake are proposing a conversion ratio that values Dell using the full value of those same VMW shares.",
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      "text": "In other words, not only does Dell want to acquire your DVMT shares at a 30% discount, but incredulously, they also want to pay for it by using Dell equity at an inflated valuation that assumes the full economic value of the VMW shares!",
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      "text": "The Biggest Winner of Dell's Public-Market Return? Michael Dell",
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      "text": "A full 87% of [Deutsche Bank conference] attendees believed that if the vote were to occur today, Dell’s existing bid would be voted down — Deutsche Bank Securities research October 21, 2018; In many ways, the IPO alternative seems suboptimal for both sides — Institutional Shareholder Services Inc., research note October 5, 2018; The Biggest Winner of Dell's Public-Market Return? Michael Dell — Bloomberg Deals, July 2, 2018",
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