Connect with us

Technology

Dell jumps in its return to the public market (DELL)

Editor

Published

on

[ad_1]

Michael Dell

  • Dell jumped as much as 3.88% to $46 Friday as it returned to the public market.
  • Dell reentered the public markets without going through the usual initial-public-offering process because it bought back shares tied to its interest in the software maker VMware.
  • The acquisition faced strong opposition from billionaire activist investor Carl Icahn, who was VMware’s second-largest shareholder. 
  • For Dell, buying back DVMT was actually something of a Plan B. Originally, the company was floating the idea of performing a “reverse merger” with VMware, that would see Dell go public by completely taking it over.

Dell jumped as much as 3.88% to $46 Friday as it returned to the public market. It is currently trading up 1.19%, giving it a market cap of almost $9 billion.

The computer maker reentered the public markets, but didn’t go through the usual initial-public-offering process. That’s because earlier this month it paid $23.9 billion ($120 a share) to acquire the publicly traded “tracking” shares of VMware, a listed software maker that was already about 80% owned by Dell. The shares, under the ticker “DVMT,” were born as part of Dell’s complicated deal to buy EMC a few years ago. 

Dell’s acquisition of DVMT faced strong opposition from the billionaire activist investor Carl Icahn, who owned an 8.3% stake and was VMware’s second-largest shareholder. Icahn sued Dell last month because of its previous proposed $21.7 billion offer for the tracking shares. He thought the shares were worth $144 apiece — 20% more than the $120 they were acquired for earlier this month

For Dell, buying back DVMT was actually something of a Plan B. Originally, Dell floated the idea of performing a “reverse merger” with VMware, that would see it go public by completely taking it over.

In February, Morgan Stanley analysts Keith Weiss and Sanjit Singh said such a merger would be “worst case scenario” for VMware shareholders, and Dell ultimately backed down from that plan of action — instead opting to purchase this VMware tracking stock, and go public that way.

Now read:

Join the conversation about this story »

NOW WATCH: The equity chief at $6.3 trillion BlackRock weighs in on the trade war, a possible recession, and offers her best investing advice for a tricky 2019 landscape



[ad_2]

Source link

قالب وردپرس

Technology

More groups join in support of women in STEM program at Carleton

Editor

Published

on

By

OTTAWA — Major companies and government partners are lending their support to Carleton University’s newly established Women in Engineering and Information Technology Program.

The list of supporters includes Mississauga-based construction company EllisDon.

The latest to announce their support for the program also include BlackBerry QNX, CIRA (Canadian Internet Registration Authority), Ericsson, Nokia, Solace, Trend Micro, the Canadian Nuclear Safety Commission, CGI, Gastops, Leonardo DRS, Lockheed Martin Canada, Amdocs and Ross.

The program is officially set to launch this September.

It is being led by Carleton’s Faculty of Engineering and Design with the goal of establishing meaningful partnerships in support of women in STEM.  

The program will host events for women students to build relationships with industry and government partners, create mentorship opportunities, as well as establish a special fund to support allies at Carleton in meeting equity, diversity and inclusion goals.

Continue Reading

Technology

VR tech to revolutionize commercial driver training

Editor

Published

on

By

Serious Labs seems to have found a way from tragedy to triumph? The Edmonton-based firm designs and manufactures virtual reality simulators to standardize training programs for operators of heavy equipment such as aerial lifts, cranes, forklifts, and commercial trucks. These simulators enable operators to acquire and practice operational skills for the job safety and efficiency in a risk-free virtual environment so they can work more safely and efficiently.

The 2018 Humboldt bus catastrophe sent shock waves across the industry. The tragedy highlighted the need for standardized commercial driver training and testing. It also contributed to the acceleration of the federal government implementing a Mandatory Entry-Level Training (MELT) program for Class 1 & 2 drivers currently being adopted across Canada. MELT is a much more rigorous standard that promotes safety and in-depth practice for new drivers.

Enter Serious Labs. By proposing to harness the power of virtual reality (VR), Serious Labs has earned considerable funding to develop a VR commercial truck driving simulator.

The Government of Alberta has awarded $1 million, and Emissions Reduction Alberta (ERA) is contributing an additional $2 million for the simulator development. Commercial deployment is estimated to begin in 2024, with the simulator to be made available across Canada and the United States, and with the Alberta Motor Transport Association (AMTA) helping to provide simulator tests to certify that driver trainees have attained the appropriate standard. West Tech Report recently took the opportunity to chat with Serious Labs CEO, Jim Colvin, about the environmental and labour benefits of VR Driver Training, as well as the unique way that Colvin went from angel investor to CEO of the company.

Continue Reading

Technology

Next-Gen Tech Company Pops on New Cover Detection Test

Editor

Published

on

By

While the world comes out of the initial stages of the pandemic, COVID-19 will be continue to be a threat for some time to come. Companies, such as Zen Graphene, are working on ways to detect the virus and its variants and are on the forefronts of technology.

Nanotechnology firm ZEN Graphene Solutions Ltd. (TSX-Venture:ZEN) (OTCPK:ZENYF), is working to develop technology to help detect the COVID-19 virus and its variants. The firm signed an exclusive agreement with McMaster University to be the global commercializing partner for a newly developed aptamer-based, SARS-CoV-2 rapid detection technology.

This patent-pending technology uses clinical samples from patients and was funded by the Canadian Institutes of Health Research. The test is considered extremely accurate, scalable, saliva-based, affordable, and provides results in under 10 minutes.

Shares were trading up over 5% to $3.07 in early afternoon trade.

Continue Reading

Chat

Trending