Enterprise storage major EMC Corporation did not receive any bid during October 12 and December 12, 2015 to beat the $67 billion Dell offer.
EMC today said the “Go Shop” period expired on 12 December without any takeover offers from IT giants. EMC has invited bids from rivals of Dell to outbid the PC and enterprise major.
“EMC and its representatives solicited alternative acquisition proposals during the “go shop” period. No acquisition proposals were received or deemed to constitute a Superior Proposal to the existing merger agreement,” said EMC in a statement.
Lack of response from other IT majors indicate that the deal between Dell and EMC is scheduled to close between May and October 2016, subject to customary conditions, including receipt of required regulatory and EMC stockholder approval.
EMC said it will continue to work with Dell founder Michael Dell, MSD Partners and Silver Lake to pursue the combination of Dell and EMC.
“Once completed, the new business promises to be an enterprise powerhouse, with complementary routes to market, that will help customers drive their digital transformations and journeys to the hybrid cloud,” said EMC.