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."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," EMC said in response to Elliott's letter."The Board welcomes open dialogue with EMC shareholders and values their constructive input," EMC said.
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 traded higher by 1.36% or $1.24/share to $92.66. 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 818873.
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