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November 22, 2024
PI Global Investments
Hedge Funds

Hedge Funds Get Pivotal-VMWare Price Bump After Judge Fixes Math


Hedge funds that challenged the price of Pivotal Software Inc.’s $2.7 billion sale to VMWare Inc. scored an unusual legal victory when a Delaware judge revised her math and reversed herself.

Chancellor Kathaleen St. J. McCormick, who ruled for VMWare last year, issued a corrected decision Tuesday giving an additional $0.44 a share over the deal price to two affiliates of HBK Capital Management Group LP that owned about 10 million shares at the time of the take-private deal.

Tech billionaire Michael Dell controlled both companies before the transaction. Dell, VMWare, and Dell Technologies Inc.—its partial parent at the …



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