Quick, it’s nine hours after Michael Dell said he’d buy the VMware tracking stock for $109 apiece. Where are the shares trading? Nowhere near $109, and it’s a situation that analysts and investors worry may linger.
While rallying nicely, shares of the almost-two-year-old security remain $17 below the implied value in today’s announcement, potentially a sign of market skepticism toward the Dell stock being exchanged. Unlisted shares of Dell Technologies make up 60 percent of the deal’s consideration.
