S&P Affirms Corp. Credit Rating on Dell Amid Move to Acquire EMC (EMC)
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Cowen Cuts Price Target on VMware (VMW) Following Dell's Announced Acquisition of EMC
October 12, 2015 3:56 PM EDTCowen reiterated an Outperform rating on VMware (NYSE: VMW), and cut the price target to $87.00 (from $90.00), following Dell's announced acquisition of EMC. As part of the deal, Dell will pay EMC shareholders with VMW "tracking stock", or stock that will follow the 19% of... More
EMC's (EMC) Senior Unsecured Rating Placed on Review by Moody's Amid Dell Offer
October 12, 2015 10:42 AM EDTMoody's Investors Service ("Moody's") placed EMC Corporation's (NYSE: EMC) A1 senior unsecured rating under review for downgrade following today's announcement that it will be acquired by Dell Inc. (Ba2 CFR, rating under review for upgrade) for $24.05 per share in cash in addition to tracking stock linked to a portion of EMC's economic interest in the VMware, Inc. for a total transaction value of about $67 billion. Moody's expects to conclude the review upon the close of the... More
Mizuho Securities Downgrades VMware (VMW) to Neutral Following Dell/EMC Deal
October 12, 2015 10:38 AM EDTMizuho Securities downgraded VMware (NYSE: VMW) from Outperform to Neutral with a price target of $75.00 (from $95.00) after Dell agreed to acquire EMC.
Analyst Abhey Lamba commented, "We are downgrading the stock to Neutral from Buy, and cutting our PT to $75 from $95. We think... More
Moody's Places Dell's Ratings Under Review Following Move to Acquire EMC (EMC)
October 12, 2015 10:25 AM EDTMoody's Investors Service ("Moody's") has placed all ratings of Dell Inc. ("Dell") and Dell International (a debt issuing subsidiary of Dell Inc.), including the corporate family rating ("CFR") of Ba2, under review for upgrade following Dell's announcement that it signed a definitive agreement to acquire EMC Corporation for $24.05 per share in cash in addition to tracking stock linked to a portion of EMC's economic interest in the VMware, Inc. for a total transaction value of about $67 billion.
Dell plans to finance the cash portion of the transaction price through a combination of new common equity, new debt... More
