EMC to try to bring Iomega back up to the big boys club through acquisition

Last month EMC presented a revised acquisition offer to Iomega to purchase Iomega's shares at $3.75 each. The offer would value the company at roughly $205.5 million which seemed reasonable as Iomega's stock price was fluctuating around that point at the time.

Since that last offer, Iomega's stock price has increased roughly 1/5 point, which is good for Iomega as it has accepted EMC's latest offer to buy out the well-known storage device company for a $0.20 premium over last months offer.

EMC and Iomega have announced an agreement for EMC to acquire Iomega for $3.85 per outstanding share valuing the company at about $213 million, about $7 million higher to cover the cost of Iomega's ExcelStor purchase contract termination. As previously stated, If Iomega decided to accept an offer from EMC, the purchase agreement between Iomega and China-based ExcelStor would be voided.

In light of the acquisition, EMC hopes to utilize Iomega's storage technologies to target the consumer and small business market in conjunction with EMC's data backup software solutions including Retrospect and LifeLine.

"Young lady, in this house we obey the laws of thermodynamics!" -- Homer Simpson
Related Articles

Latest Headlines

Most Popular ArticlesProblems with Windows 10 – Update Now
October 15, 2016, 7:30 AM
End of the Road for the Audi R8 e-tron
October 15, 2016, 5:00 AM
Is Razer Blade Stealth Laptop For You?
October 16, 2016, 5:00 AM
Bluetooth Saves Lives
October 16, 2016, 7:05 AM
IBM – Cloud Object Storage Cheaper than Amazon S3
October 14, 2016, 5:00 AM

Latest Blog Posts
T-Mobile Data Problems
Saimin Nidarson - Oct 20, 2016, 10:17 AM
IMEX America Trade Show
Saimin Nidarson - Oct 9, 2016, 10:00 AM

Copyright 2016 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki