Dell has called a special meeting of stockholders on Dec. 11 to take a vote on whether Dell should try to buy VMware in a $21.7 billion cash and stock offer, according to a news release and wire reports.
The proposed deal, which could result in Dell going public without an IPO, comes as Dell has tried to maneuver a full acquisition of VMware, of which it already owns a large stake, since Dell acquired EMC Corp in one of the largest tech mergers ever.
Billionaire investor Carl Icahn has been fighting the move because he feels the offer undervalues VMware shares.
But Dell founder Michael Dell has stood his ground -- and he says the offer provides a strong premium over VMware's base price. He also has Silver Lake, the private equity firm that took Dell private years ago, on his side. But this deal hinges on shareholders outside of Silver Lake siding with Dell.
If the deal falls through, Dell has positioned itself to go public through a traditional IPO -- though it's unclear if Dell would follow through with move.
