If Dell is to buy EMC (EMC), an offer price below $30 a share would significantly undervalue the company, according to one analyst. Some media reports have put a potential offer price around $27 a share. Angelo Zino, equity analyst at S&P Capital IQ, also believes that VMWare (VMW) would have to get spun off for the deal to get done. 'We think from a financial perspective there is no way Dell would be able to absorb the $50 billion-plus market cap size of EMC, so a spin-off of VMWare would make sense.' Zino said if Dell buys EMC, it would broaden Dell into an enterprise technology company, similar to HP (HPQ) and IBM(IBM), and give it significant market share in the data storage industry. Zino also said he expects to continue to see larger scale transactions in the technology sectors, especially in the hardware supply chain area.