Iomega Accepts EMC's Acquisition Offer, ExcelStor Agreement Defunct
April 10, 2008 4:00 PM
comment(s) - last by
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.
This article is over a month old, voting and posting comments is disabled
RE: iomega still exists?
4/10/2008 6:03:11 PM
Yes, see below.
RE: iomega still exists?
4/11/2008 2:59:49 AM
The Iomega REV drive is still a great backup solution. It's actively supported and the new REV2 just came out that does something like 140GB uncompressed.
"When an individual makes a copy of a song for himself, I suppose we can say he stole a song." -- Sony BMG attorney Jennifer Pariser
EMC Walks Back to Iomega With Revised Offer for Acquisition
March 18, 2008, 11:01 AM
Lenovo to Complete $2.1B Acquisition of IBM's x86 Server Operations on October 1
September 29, 2014, 3:19 PM
ZOTAC Announces Diminutive ZBOX PI320 pico
August 27, 2014, 9:00 AM
Quick Note: QNAP Announces $129 QGenie 7-in-1 NAS for Mobile Users
July 14, 2014, 9:32 AM
Apple Launches 21.5” iMac with 1.4GHz Core i5 Processor Priced at $1,099
June 18, 2014, 8:07 AM
Lowe's "Holoroom" Brings Holodeck, Home Improvement Dreams Closer to Reality
June 13, 2014, 9:06 AM
Intel to Broaden Market for Fanless Tablets, Ultrabooks with 14nm Intel Core M
June 3, 2014, 10:42 AM
Most Popular Articles
New AT&T Mobile Share Value "Double Data" Promotion Lasts Through October
September 28, 2014, 8:32 AM
Update: Apple Releases iOS 8.0.2 Update to Make Up for Botched 8.0.1 Release
September 25, 2014, 8:19 PM
Appalling Negligence: Decade-Old Windows XPe Holes Led to Home Depot Hack
September 8, 2014, 8:58 PM
TiVo Mega Features 24TB of Storage, Can Record Three Years* Worth of TV Content
September 8, 2014, 8:45 AM
FBI Outraged That Apple, Google are Adopting Digital "Locks" to Protect Users
September 26, 2014, 1:00 PM
Latest Blog Posts
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information