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Wednesday, April 09, 2008
EMC to Buy Iomega

Iomega said on Tuesday it had accepted an increased cash takeover offer of $213 million from EMC, a leader in information infrastructure solutions.

The deal allows EMC, the world's largest data-storage provider, to expand in the consumer and small business markets.

EMC will pay $3.85 per Iomega share.

Iomega had rejected EMC's initial offer and then began talks when the larger company sweetened its bid to $3.75 a share, or $205.5 million, in March.

Last December, Iomega had signed a deal to buy ExcelStor, a unit of Great Wall Technology, in a stock swap valued at the time at $306 million. That deal would have made Great Wall its largest shareholder.

Iomega said on Tuesday it paid $7.5 million to terminate the ExcelStor deal in favor of EMC's offer.

Iomega said on March 17 it was prepared to enter talks with EMC, after it sweetened its offer to $3.75 a share.

EMC said the acquisition, expected to be completed in the second quarter, would have no material impact on EMC finances.

Iomegais a maker of network-attached storage products, external hard-disk drives and removable storage.

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