EMC / Dell-Silver Lake merger

A $67 billion fairness opinion where part of the consideration is a tracking stock that didn’t exist yet — valuation gymnastics at scale.

115 sections, 378,414 words.

  1. Questions and Answers12,944 words
  2. Summary12,507 words
  3. Cautionary Information Regarding Forward-looking Statements857 words
  4. Risk Factors22,747 words
  5. Selected Historical Consolidated Financial Data of Denali750 words
  6. Selected Historical Consolidated Financial Data of Emc731 words
  7. Selected Denali Unaudited Pro Forma Condensed Combined Financial Data855 words
  8. Comparative Historical and Unaudited Pro Forma per Share Data332 words
  9. Comparative per Share Market Price and Dividend Information436 words
  10. The Companies725 words
  11. Information About Denali and Dell4,877 words
  12. Stockholder Matters527 words
  13. Management’s Discussion and Analysis of Financial Condition and Results of Operations of…18,999 words
  14. Quantitative and Qualitative Disclosures About Market Risk484 words
  15. Management of Denali After the Merger7,424 words
  16. Executive Compensation7,333 words
  17. Information About Emc370 words
  18. Special Meeting of Emc Shareholders3,645 words
  19. Proposal 1: Approval of the Merger Agreement610 words
  20. Background of the Merger19,529 words
  21. Opinion of Morgan Stanley1,447 words
  22. Summary of Financial Analyses6,476 words
  23. Opinion of Evercore1,608 words
  24. Summary of Financial Analyses821 words
  25. Sap Se (“Sap”)5,236 words
  26. GAAP EPS1,026 words
  27. GAAP EPS9,032 words
  28. Interests of Certain Denali Directors and Officers211 words
  29. Interests of Certain EMC Directors and Officers5,521 words
  30. Material U.S. Federal Income Tax Consequences of the Merger to U.S. Holders6,550 words
  31. The Merger Agreement20,397 words
  32. Proposal 2: Non-binding, Advisory Vote on Compensation of Named Executive Officers446 words
  33. Proposal 3: Adjournment of Special Meeting of Emc Shareholders269 words
  34. Denali Unaudited Pro Forma Condensed Combined Financial Statements7,639 words
  35. Description of Denali Capital Stock Following the Merger15,231 words
  36. Description of Denali Tracking Stock Policy3,963 words
  37. Comparison of Rights of Denali Stockholders and Emc Shareholders11,472 words
  38. Appraisal Rights of Emc Shareholders2,644 words
  39. Security Ownership of Certain Beneficial Owners and Management3,032 words
  40. Certain Relationships and Related Transactions3,702 words
  41. Experts194 words
  42. Future Shareholder Proposals582 words
  43. Where You Can Find More Information1,056 words
  44. Index to Audited Consolidated Financial Statements779 words
  45. Assets228 words
  46. Consolidated Statements of Income (Loss)252 words
  47. Consolidated Statements of Comprehensive Income (Loss)199 words
  48. Consolidated Statements of Cash Flows304 words
  49. Consolidated Statements of Cash Flows223 words
  50. Consolidated Statements of Stockholders’ Equity229 words
  51. Consolidated Statements of Stockholders’ Equity225 words
  52. Note 1—Emc Merger Transaction, Going-private Transaction and Basis of Presentation774 words
  53. Notes to Audited Consolidated Financial Statements518 words
  54. Note 2—Description of Business and Summary of Significant Accounting Policies5,608 words
  55. Note 3—Business Combinations649 words
  56. Note 4—Fair Value Measurements928 words
  57. Note 5—Financial Services2,317 words
  58. Note 6—Debt1,776 words
  59. Note 7—Derivative Instruments and Hedging Activities1,375 words
  60. Note 8—Goodwill and Intangible Assets847 words
  61. Note 9—Warranty and Deferred Extended Warranty Revenue471 words
  62. Note 10—Severance307 words
  63. Note 11—Commitments and Contingencies3,762 words
  64. Note 12—Income and Other Taxes1,911 words
  65. Note 13— Earnings (Loss) per Share365 words
  66. Note 14—Stock-based Compensation and Benefit Plans2,366 words
  67. Note 15—Segment Information917 words
  68. Note 16—Supplemental Consolidated Financial Information818 words
  69. Note 17—Accumulated Other Comprehensive Income (Loss)341 words
  70. Note 18—Capitalization228 words
  71. Note 19—Condensed Financial Information for Parent Company659 words
  72. Note 20—Subsequent Events761 words
  73. Emc Corporation229 words
  74. Article V189 words
  75. Article VII40 words
  76. Article VIII102 words
  77. Index of Defined Terms331 words
  78. Nispom524 words
  79. The Merger907 words
  80. Corporations; Exchange of Certificates3,754 words
  81. Representations and Warranties16,283 words
  82. Covenants Relating to the Business6,132 words
  83. Additional Agreements16,215 words
  84. Conditions Precedent1,694 words
  85. Termination, Amendment and Waiver3,947 words
  86. General Provisions7,998 words
  87. Article I155 words
  88. Par Value627 words
  89. Emc Corporation301 words
  90. Amended and Restated Bylaws8,173 words
  91. Form of Fourth Amended and Restated Certificate of Incorporation of15,999 words
  92. Article IX92 words
  93. Article X1,335 words
  94. Article Xi627 words
  95. Article Xii208 words
  96. Article Xiii175 words
  97. Certain Definitions9,667 words
  98. Offices93 words
  99. Stockholders5,334 words
  100. Board of Directors1,566 words
  101. Committees1,250 words
  102. Officers3,154 words
  103. Notice and Waiver of Notice193 words
  104. Indemnification2,667 words
  105. Miscellaneous309 words
  106. Amendments91 words
  107. And Class V Group Matters9,875 words
  108. Morgan Stanley & Co. LLC1,908 words
  109. Hopkinton, Ma 01748-910365 words
  110. Vote by Phone - 1-800-690-690343 words
  111. Vote by Mail67 words
  112. Keep This Portion for Your Records54 words
  113. This Proxy Card Is Valid Only When Signed and Dated321 words
  114. Special Meeting of Shareholders99 words
  115. Please Mark, Sign, Date and Return This Proxy Card Promptly Using the Enclosed Reply…247 words

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