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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 20 slides",
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  "authorName": "Icahn Capital",
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  "presentationDate": "2018-11-01 00:00:00",
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  "notes": "Uses strong, emotive language ('insulting', 'vastly inferior', 'over-levered') to frame the narrative.",
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      "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. 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. 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. 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. Your vote is important. Vote AGAINST the Michael Dell/Silver Lake buyout scheme today!",
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      "text": "1. As disclosed in EMC's Definitive Proxy Statement dated June 6, 2016. 2. VMware closing price as of November 8, 2018.",
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      "text": "Dell wants to buy your DVMT shares for $109: It's an insulting offer that shareholders should reject!",
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