Activist investor Elliott Management Corp is urging data storage products maker EMC Corp to spin off its VMWare Inc virtualization software unit or pursue other merger opportunities in its first public letter to the company.EMC's structure of combining several businesses obscures enormous value, Elliott Management said in a 13-page letter that it sent to the company's board on Wednesday and which was signed by portfolio manager Jesse Cohn.An EMC spokesman acknowledged receipt of the letter and declined to comment.Elliott, which has $25 billion under management, said it owned a 2.2 percent stake in EMC and said it was writing a letter to help inform EMC's board on its "current review process" of how to maximize long-term value at EMC. Elliott first notified EMC in July that it had acquired a stake in the company.
VMware, Inc., is the provider of virtualization infrastructure solutions utilized by organizations to help transform the way they build, deliver and consume information technology (IT) resources. Shares of VMW fell by 0.59% or $-0.54/share to $90.88. In the past year, the shares have traded as low as $76.51 and as high as $112.89. On average, 1632960 shares of VMW exchange hands on a given day and today's volume is recorded at 274036.
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