"...deal has won foreign investment control clearance in all necessary jurisdictions." followed up by "I made those specific notes or remarks on regulatory approval" - LIE: China's State Administration of Market Regulation had not signed off on the deal.
"Will close by the end of the Broadcom fiscal year" - Failure, FY ended 10/27
"Wii close on 10/30" - Failed again
"Will close soon, but before 11/26" - I guess we'll see
No coffee for Hock, coffee is for closers...
Can someone help me understand this? I’ve seen the PE alternative mentioned a few times now. Why does VMW need to be sold to a PE firm (or anyone for that matter) if this deal fails and stock subsequently falls?
Because we have an inept leadership and a greedy shareholder. Selling us was the last step in the multi-year plan he had for us. Yes, we could have a major shake up, cast out the dead wood and go back to concentrating on making money, but that would take too long and would involve too much work. If he had wanted to do this, he would have selected a decent CEO to replace Pat and would have provided instructions on what needed to happen.
What we missed was that he referred to 2 different things there. Legal merger clearance did NOT mention China and it is different than foreign investment control. Woops.
“ If it doesn't close, the stock will drop hard, the company will be taken to PE chop shop, and we'll all lose our jobs.”
Can someone help me understand this? I’ve seen the PE alternative mentioned a few times now. Why does VMW need to be sold to a PE firm (or anyone for that matter) if this deal fails and stock subsequently falls?
If the deal doesn’t close we don’t get severance - I can’t take this toxic environment. I hope and pray it goes through and I can take my money and run far away from these terrible people
I ask that you read it through, think it through, read it again, think it through until it no longer makes sense, and stop right there.
Tequila Sunrise, Hock's bloodshot eyes,
Realize VMWare was born to die,
So get the money Raghu!
"We need the deal to close, it’s the least impactful outcome really, even if it is horrendous."
No other options, you can't imagine anything better than "horrendous" AVGO?
A lot of people NOW want this deal not to close. The scam by BC to cut base pay, the blackout and lack of communication, the favoritism in sending offers to selected engineers and blindly not to others... etc
More than 15 thousands across the world want this deal to fail.
We need the deal to close, it’s the least impactful outcome really, even if it is horrendous. It will be much worse if it fails. The remaining decent people are already on a path to somewhere else, what will be left behind to pick up the pieces doesn’t bear thinking about.
It is irritating that there’s commentary out there that the focus is on a negotiated termination fee settlement. How does anyone even know that? They are telling us zilch all along, how, all of a sudden does someone know where the situation is at?
I think the commentary is right, Hock listens to no one, and they are all afraid to tell him anything in any case. The whole place seems to be full of scared yes men. All this makes him a single point of failure in that whole organization. He has a blinding arrogance, visible in his retort to the question on him achieving the necessary approvals. What a dangerous combination.
hi staff2 or senior staff, please call yourself. we don't care.
I hate to say it but we need this deal to close. If it doesn't close, the stock will drop hard, the company will be taken to PE chop shop, and we'll all lose our jobs. If anyone is related to Xi, call him and ask him to approve. We need this now!
fu-k him
No coffee for Hock, coffee is for closers...
LOL! We know who gets the Rolex, but who would you say gets the steak knives here and under what conditions? ;)
I would not expect anything else from Satan's seed.
It seems that's the focus is now on a negotiated Termination fee settlement, similar to what AVGO did when the Qualcomm deal was blocked. Eventually, Hock will accept defeat and move on. He's a proud man, and not easily swayed by mounting evidence that it's not looking like a positive outcome to everyone, except him.
Will a miracle will happen? Will the Chinese will back down, let him win, and save face?
He told the Qualcomm board, "I've got this covered, it's on track" several times.
He's had trouble before taking hints from his leadership team that all is not well at AVGO. You may recall that he introduced Tom Krause as his man to lead the VMW acquisition by Broadcom Software, then shortly after Krause resigned without explanation.
Hock Tan doesn't listen to guidance, or heed the warning signs that are obvious to his leadership team. The man has a track record of failed decisions that can no longer be ignored by shareholders. It's one thing to be optimistic, and another to be unrealistic.
Indeed, lied till he can't cover it any more. LOL.