A Dell Technologies (DELL) filing last night revealed that the boards of VMware (VMW) and Pivotal Software (PVTL) have each established special committees to negotiate an agreement for VMware to acquire Pivotal for $15 per share in cash. While a deal may not happen, the proposed combination makes strategic sense for both parties, William Blair analyst Jason Ader tells investors in a research note. If a deal were to be consummated, it would result in Dell increasing its ownership stake in VMware through the proposed stock transaction, the analyst adds. He reiterates an Outperform rating on shares of VMware.