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.
This article is over a month old, voting and posting comments is disabled
4/11/2008 3:01:03 AM
Anyone else get screwed by the Jaz Drive? I bought 5 at once for my small business in the 90s. Over the entire warranty period they lived at Iomega's repair facility. When the warranty ran out, Iomega said tough luck--no refunds, no more repairs. I've been praying for their death ever since.
"We are going to continue to work with them to make sure they understand the reality of the Internet. A lot of these people don't have Ph.Ds, and they don't have a degree in computer science." -- RIM co-CEO Michael Lazaridis
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