Iomega Accepts EMC's Acquisition Offer, ExcelStor Agreement Defunct
April 10, 2008 4:00 PM
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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.
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RE: iomega still exists?
4/10/2008 6:02:09 PM
iomega moved into backup systems after ZIP disks fell off the market of usefulness. Their current, most popular offering is the REV drive system, which is technically superior to tape backup, but has a number of driver errors. It's very similar to a ZIP disk, but holds upwards of 74GB of data as opposed to 100megs. So no, iomega hasn't been in the consumer space for quite some time, but they've remained fairly steady in the business backup market since their inception.
RE: iomega still exists?
4/10/2008 6:30:43 PM
They just came out with a REV drive that hold 120GB each cartridge. I don't know anything about driver errors. I imagine they would have fixed any by now. They also sell an eGo drive that I think looks a little like a flask.
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