{ "docId": "019dd923-622b-71dc-a6dc-327f028f6a26", "docSlug": "27ad4a25cc09", "documentTitle": "Dell Technologies (Class V / DVMT tracking stock) (DVMT)", "authorId": "14_Icahn", "authorName": "Carl C. Icahn", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2018-11-15 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 4, "pageCount": 20, "prevPage": 3, "nextPage": 5, "slideType": "executive_summary", "function": "summarize", "density": "overcrowded", "nDataPoints": 5, "notes": "This is a classic activist investor 'vote no' slide, framing the deal as a bad trade and highlighting the discrepancy between the offer price and the underlying asset value.", "elementsJson": [ "headline_text", "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6dc-327f028f6a26/4", "deckHref": "/decks/019dd923-622b-71dc-a6dc-327f028f6a26", "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-327f028f6a26.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-327f028f6a26#slide-4", "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "callout", "text": "To even consider accepting such an uneven and undesirable trade, DVMT shareholders would have to be offered a PREMIUM over the current VMware price, not a discount.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "79e67632-0077-41aa-9e05-67c758dc7fa6", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "It's an insulting offer that shareholders should reject!", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-ee3d-779f-824d-c3efd8a53788", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "offer price: $90", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-ee3d-779f-824d-c55cb035c175", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "paragraph", "text": "If Dell's deal is allowed to happen, instead of owning credible and highly desirable VMware, we will own vastly inferior and over-levered Dell.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1f51ab6d-1986-48a6-b75c-6292162739a0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.42 }, "kind": "paragraph", "text": "More importantly, the $109 they are offering is not actually $109 because DVMT shareholders would have to take Dell stock that is being highly overvalued in Dell's calculation. By our calculation, the value they are offering is only $90, a 42% discount by our math. See slide 6.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ac5cb6b8-b110-431b-b983-4d29cfe2bbe3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.2, "y": 0.8 }, "kind": "paragraph", "text": "Your vote is important. Vote AGAINST the Michael Dell/Silver Lake buyout scheme today!", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b184837e-f1e8-46a9-9421-dc71e3adaa3d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "Two years ago Dell and its bankers disclosed that the DVMT tracker would trade at no more than a 5 to 10% discount to VMW shares. But now they are recommending we accept only $109 per share while VMware shares sell at $152.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f029cb2f-1d47-499e-8f89-9345a859d5d1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.02, "y": 0.9 }, "kind": "source-note", "text": "1. As disclosed in EMC's Definitive Proxy Statement dated June 6, 2016. 2. VMware closing price as of November 8, 2018.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d06a5b8f-c8ef-4774-9f6e-8db400d7e733", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.1 }, "kind": "title", "text": "Dell wants to buy your DVMT shares for $109: It's an insulting offer that shareholders should reject!", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0d889af7-c6f9-497c-b1b1-0a638ec9f5c9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Summary", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "689f117d-e807-4d75-931a-2fc43840d507", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Executive summary", "slug": "executive-summary", "agent": null, "layer": "slide", "matchId": "a2edb97b-f889-40bc-a97e-fead24dda714", "evidence": "Summary", "confidence": 0.9 }, { "name": "Problem Statement Canvas", "slug": "problem-statement-canvas", "agent": "Architect", "layer": "slide", "matchId": "c7d1d1d9-9d8a-42bc-8234-b32c4f4b0e11", "evidence": "To even consider accepting such an uneven and undesirable trade, DVMT shareholders would have to be offered a PREMIUM over the current VMware price, not a discount.", "confidence": 0.6 } ], "frameworks": [ { "name": "action-titles", "slug": null, "matchId": "e273b787-e4fd-4c88-b00b-e37d93f764df", "evidence": "The slide uses a strong, thesis-driven headline to guide the reader's conclusion.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }