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Fly News Breaks for August 10, 2015
VMW, EMC
Aug 10, 2015 | 06:33 EDT
UBS analyst Steven Milunovich says that while VMware (VMW) acquiring EMC (EMC) in a downstream merger is unlikely, such a deal would be an attractive exit for EMC shareholders and CEO Joe Tucci. Milunovich expects a takeout price in the low-to-mid $30s per share for EMC. The stock closed Friday up 4c to $27.25. His reasons for a deal occurring include EMC needing a CEO succession plan as well as a way to create shareholder value after years of subpar stock performance. However, VMware shareholders could suffer from such an acquisition and any premium for EMC could be limited, Milunovich argues. He keeps a Buy rating on EMC with a $31 price target.
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