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  "documentTitle": "Dell Technologies (Class V / DVMT tracking stock) (DVMT)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-11-15 00:00:00",
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  "pageNumber": 18,
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  "notes": "This is an activist slide from Icahn Capital L.P. criticizing the Dell/VMware transaction.",
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      "kind": "callout",
      "text": "For these reasons, Dell should pay a fair price consistent with the promises made and with the benefits they will receive.",
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      "text": "Through this transaction, Dell’s controlling shareholders are attempting to indirectly increase their economic ownership in VMware from 32% to 64%1. At the same time, by accepting this deal, DVMT shareholders’ interest in VMware will decline from 50% to 17%. Dell will further gain access to VMW’s balance sheet, cash on hand, and ongoing free cash flow, all at an $11 billion discount. Further, by increasing Dell’s ownership in VMware Michael Dell and Silver Lake are hoping to receive a higher blended multiple for the overall Dell business when they ultimately sell or go public. Although this will indirectly benefit Michael Dell and Silver Lake, it is directly counter to their original promise of allowing DVMT shareholders to participate in the upside of VMware, a competitively advantaged, rapidly growing, high margin, capital-light business.",
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      "text": "1. Assumes maximum cash elections made by DVMT shareholders.",
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      "kind": "title",
      "text": "The Path Forward",
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      "evidence": "Contrasts the current transaction with the original promise made to shareholders.",
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