Glass Lewis Recommends EMC Shareholders Vote For Proposed Merger With Dell

(RTTNews) - Data-storage company EMC Corp. (EMC) said that independent proxy advisory firm Glass Lewis has recommended that the company's shareholders vote in favor of the proposal to approve the merger agreement among Denali Holding Inc., Dell Inc., Universal Acquisition Co., and EMC.

Glass Lewis also recommended that EMC shareholders vote "for" the other two proposals described in EMC's proxy statement relating to the company's special meeting of shareholders to be held on July 19, 2016. Glass Lewis has prefaced its conclusion that the proposed transaction is in the best interests of EMC shareholders.

"The proposed consideration represents what is, in our view, an attractive premium to the unaffected closing price of EMC shares and appears generally reasonable in numerous analyses presented by the independent financial advisors, including relative to peer trading multiples, premiums paid and discounted cash flows including stock based compensation expense," Glass Lewis said.

Joe Tucci, Chairman and CEO of EMC said, "We are very pleased that Glass Lewis is recommending EMC shareholders vote 'FOR' the proposed merger with Dell. I firmly believe, as does EMC's Board of Directors, that the coming together of EMC and Dell is the best strategic option for all stakeholders."