An activist shareholder has made public its calls for data storage giant EMC Corp. to spin off its VMware virtualization software unit or pursue merger opportunities with other companies.
New York's Elliott Management Corp., which has a 2.2 percent EMC stake, said EMC's structure of four independently run companies "obscures" its "enormous value" and won't be viable when Joe Tucci — EMC's CEO since 2001 — retires in February, according to a letter signed by Elliott portfolio manager Jesse Cohn sent to EMC's board yesterday.
"EMC's stock price has under-performed its ... peers and the market ... while this structure has been in place," Cohn said. EMC bought VMware in 2004, and they are now "competing against one another, confusing customers, employees, Street analysts and shareholders," he said.
Since Elliott's July announcement of its EMC stake, it has "learned of acquisition interest in EMC's assets on the part of several large companies that make strategic sense," the letter said.
EMC has held advanced talks to sell to Hewlett-Packard and failed to reach a deal, primarily on price, Bloomberg News reported.
EMC said its board "regularly reviews and rigorously evaluates the company's strategy" to enhance shareholder value.
"Over the past few months, EMC's leadership has met with representatives of Elliott several times and has listened carefully to their ideas, as we do with all of our shareholders," it said.
Herald wire services contributed to this report.
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