The SCC filing on the special meeting of stockholders that will be held on 11/4 could be an indicator that the sale will wrap up before the end of the year. I hope this turns out to be true.
https://www.sec.gov/Archives/edgar/data/1124610/000114036122035833/ny20005454x1_defm14a.htm
I’ve heard 30 days a few months ago, then 60 days, different BU but don’t want to say which. All the timelines have passed with no new info. The ones who may have knowledge will not share for no fear of losing their CIC money. They are rather incompetent leaders anyway, so it is easy to expect nothing from them in the best of times.
Assume it will happen and start preparing your next step if you think broadcom isn’t the place for you based on their past business practices.
For me, I very much doubt there will be any substantial WFH, and for me that is more important than salary. I’d take a significant cut since that is how much I value the flexibility of WFH when taking care of the kids and elderly in my family.
There are other options, life goes on. Be smart and be prepared.
EUC BU said 60 days too ( Nov) we would know the plan. Hearing from others that layoffs will most likely start in Jan and Feb.
Of course could be speculation but for two BU leaders to say the exact same thing is a bit odd. Maybe they just know if they will be sold or not.
Too many uniformed knuckleheads on this forum.
They just paid retention bonuses. You think VMW would pay that if Broadcom were to acquire this year.
All intelligent reasonable talk is pointing to after April 2023.
This thread sounds like the magic 8 answers.
https://www.crn.com/news/channel-news/ftc-second-request-investigation-of-broadcom-vmware-deal-launches-5-things-to-know
FTC 2nd request. Is it possible to close deal by end of this year?
SEBU GM said on all hands this week he expects the deal to close in December or January.
interesting point - IF your in a business unit that's going to be sold off to another buyer (software company or private equity investor) either in whole or part, are you sold at point of acquisition so never actually join BCOM or would they have to buy everything first then carve it out? So people get a payout for stock once then again when what's left gets bought out again by another company?
@cbs+1j3w9b1d Mostly correct but the weasel wording might cover OR a deal with a 3rd party related to a divestiture has to close before the deal goes thru. Broadcom would rather not absorb BU’s they don’t have to on Day 1. This wording isn’t clear as to whether it relates to regulator or other things….
“or those conditions that by their nature are to be satisfied or waived on the closing date (if such conditions would be satisfied or validly waived were the closing of the transactions to occur at such time)) shall have been satisfied or waived, then the outside date may be extended, “
I fully recommend finding a new friend in the C-Suite, or 2. I’ve been getting lattes for three of them every morning since the announcement. I keep dropping hints about how I’d like to be adopted, and I think it is working! Mo mojitos please! Everyone keeps talking about interviewing… what a waste of time!
Read the fine print. The Feb 2023 date clause does not apply if there are delays related to antitrust approvals.
The shareholder vote is just part of a long drawn out process/checklist.
This does NOT mean Jan/Feb 2023 or earlier will happen.
Educate yourself on the process. This is a looong road....
They would not have scheduled the shareholder vote unless they had the regulatory approvals done or were about to be approved very soon. It looks terrible to vote on the merger, then the SEC or EU block it. This deal has been publicly known since May 26th. That's five months for any agency to launch an anti-trust investigation, including the EU. This deal is done and will be closed early in 2023, if not before.
On other insider boards, consensus is that NOBODY knows the actual date but that it won't happen until at least April-October 2023.
The EU regulatory process will DELAY this until then.
Until then it's just merger WIP noise which is meaningless for us in the near term.
This will wrap up in 6 months or LESS Majority of the bobble heads you saw speak at last company meeting will be sipping mojitos on their private island
The EU thing will be approved There hasn't been any noise on the wires about it not
Regarding the March RSU date and the February 26th date for extension. They don’t know with 100% certainty, but I would generally assume bad faith in anything regarding Broadcom’s strategy and how it relates to incentivizing people to stick around.
Broadcom will get rid of BUs and employees following multiple routes over the next year.
The only big delay would be if, and it is a big if, there is a phase 2 EU regulatory action. Those take ~300 days from filling to complete on average and one hasn’t been filed yet. My guess is that the EU phase 2 review won’t happen, but who knows.
Rest assured. Hock will follow his scorched earth playbook. The C-suite will be gone along with all their mountains of bullsh-t and millions of dollars in their pockets. Good old American capitalism at work!
The Rsus get moved over to Broadcom. So they will get paid out unless Broadcom decides Feb 28th before they vest to lay everyone off with Rsus
"the effective time of the second merger has not occurred on or before February 26, 2023 (which we refer to as the outside date); "
Nice catch. Now we know why new RSUs that went out had an early first vesting of 1/3rd of the shares on March 1st.... Just after a point where they expected this to be done.
So either it was a nice RSU distribution with a near term large cliff that will get people some extra $ OR they knew there was a chance it would not be paid to some anyway so its no skin off their back.
And here I was thinking that the cash from that nice RSU grant I just got would should help next year when I'm laid off.
If the merger has not occurred on or before February 26, 2023; the merger may be extended in three months blocks multiple times.
Termination of the Merger Agreement (see page 120)
Among other customary circumstances, Broadcom or VMware may terminate the merger agreement if:
the effective time of the second merger has not occurred on or before February 26, 2023 (which we refer to as the outside date); however, (i) if, on the outside date, all of the conditions to the transactions (other than those conditions relating to antitrust approvals or no injunction (to the extent the relevant injunction or order is in respect of, or any such law is, the HSR Act or any other antitrust law) or those conditions that by their nature are to be satisfied or waived on the closing date (if such conditions would be satisfied or validly waived were the closing of the transactions to occur at such time)) shall have been satisfied or waived, then the outside date may be extended, by either VMware or Broadcom by providing written notice five business days prior to the outside date, for a period of three months, (ii) if, on the outside date, as extended, all of the conditions to the transactions (other than those conditions relating to antitrust approvals or no injunction (to the extent the relevant injunction or order is in respect of, or any such law is, the HSR Act or any other antitrust law) or those conditions that by their nature are to be satisfied or waived on the closing date of the transactions (if such conditions would be satisfied or validly waived were the closing of the transactions to occur at such time)) shall have been satisfied or waived, then the outside date may be further extended, by either VMware or Broadcom by providing written notice five business days prior to the as extended outside date, for a period of three months...
https://www.sec.gov/Archives/edgar/data/1124610/000114036122035833/ny20005454x1_defm14a.htm
So you missed the Feb 2023 date that states a certain amount of progress must be made.
Not a chance. In my area we have been advised that several countries have filed anti-trust investigations. This will take several more months to wrap up.
This is just shareholder meeting to vote, they need this result for proceeding. Check internal slack thread for more detail
With Symantec they acquired US division first then Europe post regulatory approval