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  "documentTitle": "Dell Technologies (Class V / DVMT tracking stock) (DVMT)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-11-15 00:00:00",
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  "pageNumber": 7,
  "pageCount": 20,
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  "notes": "This slide serves as a summary of the activist's position against the Dell/DVMT merger.",
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      "kind": "callout",
      "text": "Due to these and other reasons described herein, VOTE AGAINST Michael Dell and Silver Lake’s self-serving buyout offer.",
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      "kind": "disclaimer",
      "text": "1. Based on DVMT and VMware closing prices on October 23, 2018... 2. Implied value per share calculation on page 6. 3. Based on the closing price of VMware as of November 8, 2018 multiplied by 1.014.",
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      "text": "On July 2, 2018 Dell Technologies announced a merger agreement to repurchase all public Class V Common stock. We believe the transaction is an opportunistic scheme to transfer ~$11 billion of value. The offer price of $109 is closer to $90, a 42% discount to the $154 implied value. IPO references are scare tactics. Michael Dell and Silver Lake are in a 'rock and a hard place' between litigation and an uninvestable capital structure. The only viable paths are a fair price or voting down the transaction.",
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      "text": "offer price: $109",
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