7, 2016, in one of the largest IT acquisitions in. So the only question remaining is, when will VMWare be worth more than EMC? □ĬEO & Co-Founder | Angel InvestorĪcorns, Shift, Dropbox, Greylock Partners, Wealthfront, LinkedIn, eBay, Apple. The deal, in which Dell offered EMC shareholders 33.15 per share, included EMC subsidiary VMware as a tracking stock. Of course, this is because it’s clear that EMC was pricing in the IPO in the run-up from 12 to 19 ($14B worth) from the Feb IPO announcement. Overall, the position has returned 80+%, which is great, but doesn’t quite capture the 300% return of VMW post-IPO. I closed out the put spread last week, and now just have the calls which are deep in the money. Since I couldn’t get VMW IPO shares, I used a put spread (Jan 2009) on EMC, 17.5 and 25, to capture value as EMC appreciated, and to generate the cash to buy EMC 17.5 calls at a 10:1 ratio of my desired VMW position. Personally, my trade in this area has been a winner, but still disappointing.
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