While the bulk of its offer will be in cash, Dell also plans to pay EMC shareholders with “tracking stock” that follows the value of the 20 percent of VMware that EMC does not own, the people said on Friday. Dell, EMC and VMware did not immediately respond to requests for comment. EMC shares ended trading on Friday up 2.5 percent at $27.86 after tech website Re/code reported that Dell was offering $27.25 a share for EMC in addition to stock in VMware.