Dell devient une valeur de rendement !

Merci pour l’information.

Vente aujourd’hui suite à cette annonce (les qqes cents de dividendes complémentaires prévus - 0,9% - ne valent plus le temps de l’attente de la mise en paiement par rapport aux renforcements/ouvertures possibles de certaines lignes d’autres actions US).

Ca y est, les actionnaires ont approuvé le retrait de la cote :
Dell Shareholders Approve Buyout

Comme il ne sert plus à rien de garder la position et pour éviter une mauvaise manip de Bing, autant vendre maintenant.

En fait, les arbitragistes prennent en compte toutes les informations et effectivement, maintenant il n’y a plus de différence entre vendre maintenant ou attendre.

Le cours de Dell devrait rester scotcher à 13,85 en attendant le retrait effectif.

Pour ma part, chez Bourse Direct, 250 actions:

- 2540.02 EUR reçus le 4 novembre, soit 10.16008 par action;
- 10,15 EUR de dividende le 29 octobre.

Merci car s’il est vrai qu’il n’y a plus d’actionnaires "publics" de Dell il reste des investisseurs au travers de ses obligations. J’avais demandé à Dell des nouvelles et ils étaient restés silencieux. Maintenant je vois qu’en faisant la preuve la détention d’obligations, on peut recevoir des infos financières.

Pour plus de détails :
http://www.dell.com/learn/us/en/uscorp1 … l-investor

Dell lance une OPA de 51 Milliards sur EMC.

Bloomberg a écrit :

Dell Inc. will announce Monday that it’s acquiring data storage provider EMC Corp., according to a person familiar with the matter, creating a corporate-computing giant in the largest-ever technology merger.

Dell plans to pay slightly more than $25 a share in cash, plus tracking stock in cloud software maker VMware Inc. valued at about $8 for each EMC share, said the person, who asked not to be identified because the information isn’t public.

The deal hasn’t been signed yet because the parties as of late Sunday were still negotiating a so-called collar around the VMware stock, the person said. In a stock merger agreement, collars offer buyers and sellers protection against steep fluctuations in the price of a security in the time between signing the deal and closing.

Dell is speaking to banks about raising at least $40 billion to finance the purchase, a person with knowledge of the matter has said. VMware, which makes tools that help servers run software more efficiently, is valued at $32.3 billion, while EMC has a market capitalization of $53.6 billion. The deal would eclipse the pending $37 billion Broadcom-Avago merger, currently the biggest tech tie-up.

“This merger bodes well for the next generation of innovator,” said Matt McIlwain, a managing director at Madrona Venture Group, which invested in Isilon, which EMC acquired, and other storage startups that compete with EMC. “Legacy tech companies have little alternative than to use financial engineering to keep shareholders happy in an era of fundamental technology disruption.”

Dave Farmer, a spokesman for Hopkinton, Massachusetts-based EMC, didn’t immediately respond to messages seeking comment. Jim Hahn, a spokesman for Dell, declined to comment.
Corporate Colossus

The deal would combine EMC’s leadership in digital storage with Dell’s share of the market for servers, which businesses use for computing tasks. Dell, which was taken private for about $25 billion in 2013, could use the combination to expand its product lineup in high-end data storage equipment and seek to lure customers away from Hewlett-Packard Co. and other rivals.

“Dell has transformed away from just PCs to offering end-to-end services, and EMC could help them do more of that,” said Bryan Ma, a Singapore-based analyst at IDC. “The PC business is still critical to them up-selling enterprise services.”

An agreement would put to rest questions over leadership succession at EMC and help to resolve a standoff with activist investors. EMC had been looking at strategic options for boosting its share price, while activist investor Elliott Management Corp. had pushed for EMC to sell itself or spin off VMware. EMC Chief Executive Officer Joe Tucci had delayed his planned retirement amid the wrangling. The current plan would have Michael Dell run the combined entity, a person with knowledge of the matter has said.

While a merger would create one of the biggest providers of enterprise computing products, that would also go against prevailing trend in technology of focusing on fewer businesses to compete against nimbler competitors. Hewlett-Packard Co. is splitting in two next month, a step that EBay Inc. took earlier this year. Though Dell and EMC have done business together for years and have complementary cultures, the sheer size of a combined entity could slow decision-making and hamper speedy product development.

J’imagine qu’il trouve que VMW est très chère, tandis que le core business d’EMC hors VMW est très bien et peu cher ?

Peut être une partie de la réponse (simple hypothése de ma part) est parce qu’une partie du rachat ne se fera pas en cash mais par l’intermédiaire de "tracker", il y a peut être une décote pour ce genre d’instrument financier?

Les Echos a écrit :

Dell versera 24,05 dollars en numéraire et le reste en "trackers", des titres spéciaux qui répliqueront l’évolution du cours de Bourse de VMWare, la filiale de logiciels de virtualisation d’EMC. VMWare conservera son indépendance et restera une société cotée, ont précisé Dell et EMC dans un communiqué commun.

Quant je vois le montant de la transaction, je repense au montant de l’OPR "sauvage" organisée par M. Dell il y a quelques années.

On s’est bien fait voler…

Bof… En quoi le fait d’être non coté a-t-il changé les choses sur l’environnement technologique auquel Dell avait à faire face ?

La vérité c’est qu’à l’époque on était en plein délire sur les PCs qui se vendaient plus et les tablettes qui allaient tout remplacer.

Comme d’habitude, ce cirque médiatique a fait pschitt, mais en attendant M. Dell s’est emparé de Dell à vil prix.

Depuis, HP qui est resté côté a bien rebondi en bourse et si sa division PC n’est pas la plus rentable, on est loin de la "faillite" :

Trois ans après, un juge du Delaware "confirme" que Michael Dell et Silver Lake ont sous-payé pour l’OPR sur Dell :

Michael Dell and Silver Lake underpaid by more than 20% when they took Dell private three years ago for $24.4 billion, a Delaware judge ruled Tuesday.

The decision comes in a long-running shareholder lawsuit that argued Dell’s founder and his private-equity partner shortchanged shareholders when they bought the company for $13.75 a share in 2013. Vice Chancellor J. Travis Laster, of Delaware’s special corporate court, determined the company’s shares were actually worth $17.62 at the time.

But the ruling likely won’t cost Dell and Silver Lake much because only a tiny fraction of shares are eligible for the bump, because of quirks in Delaware law. The largest holder is hedge fund Magnetar Capital, which has rights to about 3.8 million shares and stands to collect about $15 million.

Representatives for Dell and Silver Lake couldn’t immediately be reached for comment.

When they struck the deal in 2013, the buyers urged investors to approve the deal, arguing that Dell was facing stiff challenges in the personal-computer market. The deal was approved following months of shareholder angst, but only after Michael Dell kicked in another 10 cents a share and after the board changed the election rules to ease the deal’s passage.

Source : Judge Finds Michael Dell, Silver Lake Underpaid for Dell in 2013  - WSJ

Pour moi cette OPR reste un vrai scandale et une leçon, en montrant :
1) qu’un CEO également actionnaire de l’entreprise n’aligne pas forcément les intérêts des minoritaires et des majoritaires, loin de là ;
2) qu’avoir des hedge funds ou fonds au capital (Carl Icahn, Mason Hawkins, T Rowe et Yacktman…) n’empêche pas forcément une spoliation des minoritaires.