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VMW

VMware

$153.18

-4.81 (-3.04%)

, PVTL

Pivotal Software

$8.31

-0.115 (-1.37%)

08:39
08/15/19
08/15
08:39
08/15/19
08:39

Proposed deal makes sense for both VMware, Pivotal, says William Blair

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.

VMW

VMware

$153.18

-4.81 (-3.04%)

PVTL

Pivotal Software

$8.31

-0.115 (-1.37%)

  • 22

    Aug

  • 04

    Sep

  • 10

    Sep

  • 10

    Oct

VMW VMware
$153.18

-4.81 (-3.04%)

08/15/19
JEFF
08/15/19
NO CHANGE
Target $213
JEFF
Buy
VMware office price for Pivotal represents attractive multiple, says Jefferies
VMware (VMW) indicated last night in a regulatory filing negotiations to purchase the remaining shares of Pivotal Software (PVTL) at $15 per share in cash, which, while a significant 81% premium to Pivotal's $8.30 closing price, represents an "attractive" recurring revenue multiple for a growing asset, Jefferies analyst John DiFucci tells investors in a research note. He estimates the remaining approximate 35% public float not currently owned by VMware and Dell Technologies (DELL) would cost about $1.4B. The analyst keeps a Buy rating on VMware with a $213 price target.
08/15/19
RBCM
08/15/19
NO CHANGE
Target $15
RBCM
Outperform
Pivotal Software price target lowered to $15 from $18 at RBC Capital
RBC Capital analyst Matt Hedberg lowered his price target on Pivotal Software (PVTL) to $15 but kept his Outperform rating after the company confirmed it is in talks with VMWare (VMW) about being fully acquired at $15 per share. The analyst notes that the disclosure of details from all participants is still "limited", but sees this as a "favorable outcome" for Pivotal and would not expect another bidder given the companies' current relationship.
08/15/19
WEDB
08/15/19
NO CHANGE
Target $15
WEDB
Neutral
Pivotal Software acquisition not 'clear plug and play fit,' says Wedbush
Wedbush analyst Daniel Ives notes that VMware (VMW) filed a 13D reporting it is currently in negotiations with Pivotal Software (PVTL) to acquire the company. While the underlying cloud assets and complex developer tool ecosystem will add to the VMware product footprint and potentially expand opportunities within its installed base around cross-selling, acquiring this asset is "not a clear plug and play fit" in his opinion. Ives believes shareholders of VMware will have mixed feelings about this news given Pivotal's roots back to Dell/EMC and the history/current ownership structure of Michael Dell between the three companies. The analyst has a Neutral rating and $15 price target on Pivotal's shares.
08/15/19
WELS
08/15/19
NO CHANGE
Target $68
WELS
Outperform
Pivotal/VMware deal positive for Dell Technologies, says Wells Fargo
Wells Fargo analyst Aaron Rakers notes that VMWare (VMW) disclosed that it is in discussions with Pivotal Software (PVTL) to buy the remainder of the company for $15/share, and a transaction will result in Dell (DELL) increasing its share in VMWare by approximately $2B dollars or 3% increase in ownership. The analyst thinks that the deal is positive for Dell in that it helps streamline the organizations ownership structure potentially leading to a decrease in the company's conglomerate discount. Rakers has an Outperform rating and a $68 price target on Dell's shares.
PVTL Pivotal Software
$8.31

-0.115 (-1.37%)

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